I think the Fromsoft formula is close to perfect, being a little of both. I want some actual direct guidance on what I am supposed to be doing if not where I am going. At least, if I have a choice where I can go. And with lore, they give you just enough to intrigue you, while actual exploration yields more information through item descriptions and, while not as significant as it could be, atmospheric storytelling.
It kinda makes you feel like an archealogist when you have to dig up the story rather than it just being told to you in its entirety.