The density of "stuff" in Oblivion was a lot lower than in F3. Oblivion's world was (IIRC) about four miles by four miles. In comparison, F3's world was 2 miles by 2 miles (again, IIRC). So the Capital Wasteland is literally 1/4 the size of Cyrodiil, or pretty close. F3 typically has about three marked locations per 3x3 "map square" section. Half of those are more like scenic waypoints (e.g. Fordham Flash Memorial Field, Charnel House, Rockbreaker's Last Gas) and the other half have more meat to them (e.g. Red Racer Factory, vaults, Statesman Hotel, etc.). That said, Oblivion also had horses available and lots of herbs and stuff to pick up in any given tile section.
Anyway, I just wanted to point out that the density was different between the two and people seemed okay with both approaches.