Yes, but there's one problem. Skyrim has less dungeons for one.
That already opens up a vast amount of space in comparison. Now there also won't be Oblivion Gates. That's even more open area. Now there's also the fact that elevation makes up a great deal of Skyrim as well. I personally think we'll find a good balance of open areas and vast cities, but with enough in between that it's not creating a billboard like effect along every road you travel.
I know. 120 dungeons. 80 less than OB.
That's something positive... BUT I still think think it will feel a bit cramped up. I really hope not. But I fear it.
It's also sad that Bethesda won't be able to show off Skyrim by saying "It's this huge open world". Because, to be honest, it's pretty small for today's standards. Far Cry 2 is bigger. RDR is a lot bigger. Just Cause 2 is incredibly bigger.
Now these are different games and have different environments (and can't be compared as games in total), but if we only look at the "It's this huge open world" aspect, then Bethesda won't be able to say it anymore. Because it's definitely not huge, compared to other games, size-wise only.