Skyrim, a game i played for a good 200 hours, and i still have yet to explore 15% of the world including caves and just general parts of the map. Oblivion i played for probably more and only explored maybe 60%.
The mechanics of this game are as follows.
Level up in an area by completing the local quests, move on.
Never a need to go back to any previous zone (to my knowledge) therefore content does not overlap as much as skyrim nor oblivian.
Thus, people have already hit level 50, and done over half of OTHER factions zones as well as pvp, which would be roughly 70-75% explored in under 200 hours
So is the world really that big? It cant really be representing the universe of elder scrolls correctly, can it?