there is still little reason to explore far out. Partly because the 2 far biomes are place holders, and partly because repeating meadow/forest/swamp/plains for 1000KM in every direction.
That means little to me .. its nice the maps are big enough to let every person claim a whole major island (continent?) if they like for a large group of friends.

You do find cool places, where biomes meet, or just unusual land features. But the only reason to scout them out is for a base, which you either want/need or don't.
Still, there are loads of new things each update. Loving the black marble, the spiral stair, the lantern, and other building goodies. ML itself is a little aggravating still (maybe I have grown soft in the downtime before it came out), sort of dipping in to grab stuff and running away, though I did clear one mine and get my forge.