Definitely worth a play if you liked the first one.
This new version alleviated some of that, and quite well actually. The stuff they have added is great, and you actually get to hang out around Hook Coast now as well without feeling like there's nothin left to do.
I still think they should've made the game at least twice as long as it is, and slow down the rate that your character ages. If you rake in experience fast, you'll be 70 years old after about 10 hours of play.
The main issue with me is depth and longevity of this "roleplayer". I've been playing Morrowind for about 2 months now and if Fable is as deep as a Dick and Jane book, Morrowind is as deep as a Graduate Thesis. Fable is a roleplaying game with the longevity of a beat-em-up game, but that doesn't necessarily make it a bad game. It's just that I expect more than a weekend or two of fun from a Roleplayer.
I suggest you rent it. The new additions make it a much more enjoyable game if it's your first time through. If you've played it before, especially recently, you'll probably not be too impressed til you hit the original ending. If you haven't played it for several months, like me, you'll probably find the overall experience quite enjoyable on your second run-through. Don't buy it until you play it first, it's one of those games for sure. But you will enjoy it.