I understand different preferences, but I'd personally have preferred the "quality over quantity" approach. It's the same principle that Ubisoft applies: they make huge worlds, but they are all very empty and bland.
If it was a resources issue (human or technical), I'd personally have preferred if Bethesda had spent those resources only creating ~100 or so planets (and a few systems) that are dense and really meaningful.
More importantly, I'd have preferred if the planets were all accessible directly and seamlessly -- landing on and taking off the planets seamlessly -- no boundaries on planets, no loading screens while climbing ladders, etc. That is just my preference.
Stealing items from a well-guarded security station, fighting off soldiers who are chasing you, then taking off your ship, flying into space (while the soldiers chase you in their own ships) and culminating that battle into space in a dog fight would have been so cool and felt properly next-gen to me!