Its going to smaller than Cyrodil since Skyrim on the map of Tamriel is smaller than Cyrodil. It makes sense for it to be smaller since the lore says it is. The main reason its going to be smaller is because they wen't overboard with the graphics. I heard they are adding more dungeons to make up for a smaller map, not 100% sure on that but i hope so.
I think if I answer this post it'll soon count as my "thing"...
When they say, "Skyrim will have 130 dungeons", does that mean all caves, forts, ruins, etc.?
On another note, if it's the same size as Oblivion's world space or even a little smaller, great. Oblivion's Cyrodiil was huge and mostly randomly generated. Skyrim on the other hand, is all hand crafted (as they say). So before you're disappointed about the size of Skyrim, imagine a game world the size of Cyrodill but entirely hand crafted. It's going to be amazing.
On another note, if it's the same size as Oblivion's world space or even a little smaller, great. Oblivion's Cyrodiil was huge and mostly randomly generated. Skyrim on the other hand, is all hand crafted (as they say). So before you're disappointed about the size of Skyrim, imagine a game world the size of Cyrodill but entirely hand crafted. It's going to be amazing.
I think they said 120, and I take it as meaning all of those things, but I'm not entirely sure.
I'd also rather have a smaller map with more things than a big emty space.