Ultima 7 was awesome.
But I feel open-world RPGs are starting to become an oxymoron because it is a sign of the times. I find myself enjoying more "close-world" RPGs like Mass Effect 2. Themeparks are starting to become more enjoyable for me.
I just finished LA Noire, but I am more interested in the story than exploring the whole of LA. There's just no reason to explore. Nothing happens outside the street crimes and main story.
Or maybe it's because open-world RPGs are not done right. I remember it was interesting to explore Ultima 7 because I'd never know what I would find in caves. I may find more magic armor, magic weapons (such as the fire sword that also acted like a torch), treasure in the form of gold bars, jewelry, dragons that drop jewels, interesting creatures like that Unicorn that is a virgin-detector lol, the Cyclops that could talk and ask the Avatar why his people were always the target of genocide, the crazed sultan suffering from delusions that had the powerful stone harpy guarding his treasure, etc.
In Skyrim there is no such incentive to explore.
Not in the same way no...that's why I consider it to be pretty much the best open-world RPG still, despite the god awful graphics even playing it today it really retains a certain magic that is hard to find elsewhere.
Another thing though, the story, lore, writing, and especially humor in those games was mind-blowing, it is so far beyond most of what's out there there just isn't any comparison..that's part of what made the Ultima games great.