If you're interested in setting up an interesting metaphysics for it, I'd suggest looking into the first book of the Deathgate Cycle. It has a world of air, with island floating at different levels that move around at a fixed speed (keeping the distances fairly stable). If you don't care about that kind of stuff, you can just have it be "because that's they way it is."
Falling in such a world would be a serous concern for anyone who leaves the islands. Since you're obviously going to have a high level of magic in such a world, it's likely they would have created some magic item to help with this. My suggestion would be the equivalent of a life-preserver, which like the Ring of Featherfall would trigger after falling a certain distance. Once triggered, the character would begin to float like the airships, but lack any method of propulsion. This might be cheap enough for every sky sailor to have one, or costly enough that only captains and important people have them. For the type of item, I'd suggest a ring, since it's not likely to be lost before or during the fall.
The size of the world probably isn't relevant. In most campaign settings you only have a "known area" that's the focus of the game. I'd simply setup the area you need for your game, and like the age of sail there's going to be quite a bit of travel time between locations. Given the setup of the setting, I suspect that this travel is going to be the primary focus of the game anyway. You might consider adding/modifying spells to allow for increased speed, allowing nobles and other important people to hire casters for this service.
As for creatures... there's a lot of science fiction you could use for ideas. The idea I recall was for floating, gas filled, jellyfish type creatures. Flying creatures would have to stay fairly near islands, since they have to eventually land.