I don't know personally from what i've gotten a taste of in the demo, the world feels great to me so far. Skyrim is big, and there are somethings that the TES games have always done well, but there are many areas in which the way that the TES games are designed that makes them feel dull, and lifeless to me. The advantages that something like Reckoning has over Skyrim in my eyes are a better art style, better combat, a far superior loot system, better enemy/creature design, and better crafting.
The things thats always put me off about the TES games is that pretty much everything just feels like it's there as a bullet point. The world is massive, and endlessly explorable, but what reason do I have to explore when there is nothing to really find? I can spend an hour trekking through a dungeon, only to come away with nothing because of the way the loot system is designed. There is no reward for exploration in Skyrim, and in most cases it just felt like I was walking around a big, but empty world.
Every cave has bandits/animales, every dwemer ruin has machines, and falmer, every ruin has drauger, it just all starts to feel the same after you've put your time into the game. It does not help that all of the actual dungeons themselves look pretty identical in the respective type. It also does not help that most of the systems they design for leveling break the game after only gaining a few levels. Stealth is broken, crafting is broken, bows are broken because of stealth being broken, the combat is also broken. The sheer number of bugs and problems in Skyrim only serve to take me out of the experience, not to mention the fact that most of the entire game is the same three, or four colors which does not do anything for me either.
In the demo for Reckoning though I noticed so many little things about the world that gives it so much more vibrance and detail. The way that the wildlife, creatures, or people in the world react, and interact with the world. The amount of detail in the dungeons, and overall world seems very impressive to me, it might not beat Skyrim in terms of "graphics" but the world in Reckoning seems far more interesting, varied and enjoyable overall. I'll also add that if the way the Reckoning was designed allows the developers to reign in the bugs, and other various issues that normally plague most other open world rpgs, than i'm all for it. I'm ok with sacraficing alittle more freedom for a more enjoyable experience when it comes to games that I plan on spending alot time with.