I actually like it the way it is. Making the world smaller would make it feel cramped. I don't mind sailing, I actually like it. Mining and harvesting being a bit of a chore is also part of the game. As well as base-building. I spend most of my time building, crafting, harvesting and mining.

It's not for everybody, I'm sure, but I happen to like it. If you're looking for a fast-paced action title or fully fleshed out story-centric RPG, this isn't it.