Skyrim truly was too saturated, though. I feel like Morrowind hit the right balance, aside from having significantly more entertaining travel methods (that actually improved as the game went along. You got faster, you got access to better spells, etc.) there were enough things in the game world that you'd run into them often enough, but they were spread far enough that finding one felt like a genuine discovery. On the contrast, I can't help but sigh when I play Skyrim and see eight markers on my compass.
Actually, I think that's the issue. The compass that tells you about all the locations before you've found them. If FO4 has a similar mechanic, I'll see if I can find or make myself a mod that gets rid of the unfound locations markers.
It's not like Morrowind was perfect, either. Some thing (especially the shrine of Moon and Stars) was a enormous pain in the ass to find. Though that also made it more enjoyable when you did find it.
Exploring in Morrowind is fun, in Skyrim it isn't, since you know where everything is before you find it anyway.
Actually, I think that's the difference. If I were to describe the paths you take, Skyrim is full of straight lines from locaton to location, looking at the compass more than the actual screen. In Morrowind you meander, get distracted, spot something interesting and go over to check it out. You meander, you actually search for things, and since it isn't as saturated finding something's a genuinejoy. I remember the first time I played Morrowind I stumbled onto a Daedric Shrine all by myself and was like "Whoaaah, this place is awesome. I wonder what I can find?"