Landmass, yeah, but the civ centers aren't so empty anymore. Or so I hear.
Edit: I will get Oblivion, no doubt about it. It's just too good a concept for me to pass. Even if the game fails to deliver.
I hope they do what they intended and focus majorly the content. Nine towns and several small settlements with about 1200 npcs sounds ok, but if they want to keep it interesting there must be variety. MW was too much a sandbox.
Oh joy they removed the only thing that made the game even remotely bearable.
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Did you watch the video? They have added a BG-like world map which you can use to teleport instantly.