I'm not sure what kind of methods are used for game discs, but for example, when Oblivion was released the audio files for dialog took up a lot of space.
Now that there are methods with better compression algorithms for digital audio files, you can get fit the same audio quality in a lot smaller file, so they can add a lot more audio files onto the same disc.
Also, do you know if 360s utilize dual-layered DVDs? From what I understand, the dual-layered ones can hold up to about 9 gbs (twice Oblivion's size) and so I'm curious to know how Skyrim would take up about twice of Oblivion's space... especially with more compression techniques for audio files. As far as I can tell, Skyrim looks very noticeably nicer than Oblivion, but could it be that much nicer that files for textures and other graphical features are what's filling up much of the extra space, something else, or can they just not use dual-layered disks and therefore have to make the game about the same size as Oblivion?