One thing that would really help this game from an exploration standpoint is the lack of a detailed map. I know its very expected in games these days but not having a great map makes you really on paying attention to the world around you and landmarks and pathways. It also lends excitement to exploration as you are always wondering if you are going to be able to remember how to get back to town.
One of the best things a game like Morrowind had going for it from an exploration standpoint was the lack of a detailed quality world map.
*Edit* I am relatively new to following this game and I noticed the map issue is already discussed at length. I am firmly in the no map camp