There's a lot of speculation with this because bungie has only given brief glimpses of gameplay and haven't commented on the size of anything.
As for the lost city, here is some concept art. [url]https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=LefAAmR0eCHwsM&tbnid=4MKaTtsbzVxtyM:&ved=&url=http%3A%2F%2Fwww.ign.com%2Farticles%2F2012%2F11%2F28%2Fdestiny-story-details-concept-art-leaked&ei=rdYmUfjROILg8ATS9oFo&psig=AFQjCNGrtNN_W24EEK9grzw8fY8p938m7A&ust=1361586222371929[/url]
It looks pretty big to me.
Who knows how big the environments are. I'd be surprised if bungie is for sure on that since they are working with next gen consoles. I think it will depend on what the limits of the new consoles are.
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It is only concept art. Nothing concrete yet.
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I've actually seen some art that showed the Last City as more medium sized, at least compared to the larger ones. I don't know if there is a definitive size yet. There is one picture from a tower or something miles and miles away from the Traveler, but others show all buildings underneath it.