Group me in with the "Skyrim wasn't really that good in the exploration department" crowd. Even when compared to Oblivion, Skyrim's exploration system falls flat due to very dull, repetitive enemies and almot all of the locations in the game looking exactly the same - snowy, rocky, and / or dwarven. Oblivion, while having a much worse leveling system, at least had numerous biomes throughout Cyrodiil and had enemy variety out the ass. Even the ghosts had several different versions, let alone something like the highly varied Daedra in that game. Skyrim, on the other hand, seriously feels like two-thirds of the enemies you face are either Draugr or Bandits, and that gets old fast. The Elder Scrolls games also have a nasty tendency for most of the locations to not really have much of a point for you to visit outside of getting some random loot that mid-late game you almost always just end up selling. Skyrim added Dragon Shouts to make trogging through caves a bit more interesting later on, but even then exploration jut ends up feeling like a tedious chore by the end as you know exactly what to expect and what awaits you at the end.
If you want to talk about good exploration, just look at the main Fallout games (FO 1 through 3 and New Vegas). Every location you visit in those games has a story to tell, not every location even gives you a reward but focuses on atmosphere or it's aforementioned little story instead, and those that do often give you some sort of unique and powerful item that you'll usually enjoy finding even at max level. Some locations even come with their own one-of-a-kind enemy that appears nowhere else in the game, such as the legendary enemies from NV, the Super Mutant Behemoths from 3, or the Mother Deathclaw from 1. And of course, not every location you find that's not part of a major city or faction is filled with hostile denizens, but sometimes of regular people or even non-humans (FO 2's Vault 13 springs to mind) that will talk with you and / or may even be part of a quest that you haven't encountered yet. Add in all of the cool or hilarious little things that can happen in the random encounters (Bridge of Death, anyone?), and you have a series of games that make exploration fascinating no matter how far into the game you are.
Unless you find Pariah Dog, of course. Fuck that mutt.
EDIT: For whatever reason, this thread is making me want to play Shadow of the Colossus again, despite not really being an exploration game (you're not really rewarded all that much for going anywhere but to the next Colossus, even if you're a tail / fruit hunter). How quaint.