Well, as games get more sophisticated, probably one of these days Beth could crank out the technology to create a full sized empire. Though the only way they would do this to make me happy is if High Rock was about to scale with Cyrodiil in Oblivion. This allows the large provinces to become larger while ensuring that the small provinces have plenty of room for their major cities. We'll probably see games which span over two provinces like in Daggerfall (Which showed Southern Highrock and Northern Hammerfell) before we will see the entire span of Tamriel.
I personally think it would be fascinating to travel all the lands again like in Arena. Granted, Arena was... Well, you couldn't reach other cities unless you fast travel. But to have an adventure which spanned across the whole continent again, seeing several diverse lands and unique challenges would be epic. Add to that, imagine what mods would be like if they aren't clown car'd into the world space of a single province.
Do I think Beth would be able to do every province justice? Well, not yet. But depending on how Skyrim comes out, maybe.