I suppose I qualify as "older generation" both by my age and the length of time I have been playing video games. I have a different opinion. I think that game design is more important than size or little tidbits. For instance, Sacred had nice touches--eg. lots of graves with humorous remarks in them, but in design it was inferior to Diablo II.
Morrowind is huge and has a lot of RP potential, but the UI is awful and tedious. I don't even use Alchemy for that reason. And what fun is there in MW's persuasion and bartering? None at all. Oblivion has a much better persuasion minigame. I have gotten so tired of the bartering system in Morrowind that I have taken to using a console cheat to get money. I don't like using cheats, but I prefer it to being sick and tired of the bartering system.
As for size, what fun is there in making it hard or troublesome to make your way around? A large or openended area is good, but only if traveling is made interesting and worthwhile. Lots and lots of mountain ranges that have only 1 pass through that you have to find (as in WoW) take up more time, but don't add to the gaming experience. Again--gaming design is the key here as well as content.
