Incredible graphics, simplified RPG, too straightforward and the end is ultimately utterly disappointing and frustrating
The graphics and gameplay are good/outstanding. The rpg element is way too simplified, it has been downhill ever since fable I. The questline is straightforward, which is nice, but the sidequests just aren't rewarding enough (by feel, sense of accomplishment or effect on the 'world' as was is fable II). There are a lot of loading times, almost like you're sitting in front of your tv waiting as much as playing.
Up untill you get to be a monarch, the game is nice and pulls you in, ever drawing you onward. When you are a monarch, the frustrating bit begins, which leads to the utter downfall of the game. Choose to be a good monarch, caring for your people, leads to the death of everyone, leaving an empty world to play in afterwards. That forces you to be the tyrant you just defeated. So what's the use of being good, if everyone dies because of it?
As a sidemark, the whole morality issue is mostly removed. The only thing that changes is what the comments of the villagers are.
All in all: the game doesn't pick up after fable II, actually, it leaves a lot of great features behind. And the end, well the end is just utterly frustrating.