Is it? Because to me it just seems like the mountains just make it seem larger and the map really does make it look larger but when I'm traveling it on foot, it doesn't feel that much larger. Maybe because I'm entranced in the game or something or it really isn't larger than Oblivion.

It has the Same size... but for me it looks larger because of the mountains...

Considerably. If you take into account actual geometric area. It's just that there's a sizeable amount of area that is vertically spread.

Where measuring a straight line Skyrim is slightly smaller than Oblivion, but when measuring volume area Skyrim is around 20% larger with considerably more settlements and larger dungeons.

The slopping up and down lands is great in creating more content. I was walking straight then I suddenly stopped and noticed I was hundreds of feet in the air on a ledge. :tes:

Bigger