I think there would be value even without adding new material to an expanded landscape. If merely walking thirty feet in any direction turns up more things to do then the landscape just becomes a glorified two-dimensional menu for the next quest and loses its mystery. I like the idea of walking for twenty minutes in real time to find the next quest destination (though perhaps not two hours). Better yet, let the player get hungry and tired (and suffer meaningful losses to abilities) so hunting and camping become necessities not afterthoughts. Right now resting and eating are almost pointless features of the game.
