Bounds away from the original Fable, but there's still fun to be had.
Fable 3 is a stunning looking game. The environments and character models have a really nice style of artwork that fits in brilliantly with the enchanted themes. And although game mechanics are simple and it feels a bit like a Fisher Price equivalent of Oblivion, it still manages to challange you with the odd tricky encounter.
All of the beauty does come at a cost, as the story is relatively short. The up side is that there are plenty of side-quests and the gorgeous landscapes will encourage your own personal exploration missions. It's good fun. I would say that most of the enjoyment for me was being able to roam a wonderful open world, and that's a good thing, because if I was just playing for the story... well, that can be completed in under ten hours, no problem, standing on your head playing a flute with your arse, especially if you don't give a monkeys about the game's moral dilemmas that you are faced with.
Another positive aspect was that I found the characters to be much more engaging than in Fable 2, and there seemed to be more morality choices to be made, which can only be a good thing. The game was all the better for them.
The bad; well, the weapons are complete duds. A lot of fun has been taken out of the combat due to the fact that you can no longer purchase upgrades. That's a real downer as it's really not as cool as you might think to see your weapon change of its own accord. The difference is so slight, so underwhelming, that it makes little difference. Also, it would be nice for the player to be able to consider armour, as in the first Fable. None of the outfits have any sort of advantage other than the aesthetic, and that seems to be a missed opportunity. Part of a RPG experience is to give the player as much control as possible.
So yes, a couple of niggles, and yes, it's strolled very far away from the original Fable's ground breaking style and ideas, but overall a fun experience. If you're willing to explore the world, take on side quests, earn cash with jobs and buy property- I mean, really rinse the game for all it's worth, then it's well worth your pennies.