My bug occurs as soon as you leave the caves and enter into Skyrim. The nord guy your following tells you to head to the town and look for his sister at the mill. I begin down the path and suddenly trees are floating in front of me and the ground has vanished, it is almost as if i have reached the end of the map. If i try to continue on my game alerts me that "I cannot go that way" at this point there is no turning back because my char is stuck and is falling slowly to the bottom of the map. On the bright side if you wonder through the woods you can find a group of bandits that are pretty fun to kill =P

I have the same exact issue. I have tried several different characters but get the same result. I am going to try reinstalling tonight to see if that helps (although there is no reason why it should). I will let you know if I find any way to fix this.

I fixed it by removing the game data including the patch (but not my save data) from the PS3's hard drive, and then reinstalling from scratch. I have no idea why that would solve anything, but it evidently did, because my world now loads fine, and I can explore wherever I want. Hopefully it will work for you as well!