It doesn't quite fill the appetite of a typical hungry Role Playing Gamer.
The Good:
1) Graphics: Wow. These were some of the best visuals I've seen on the Xbox! Smooth 3D graphics complete with beautiful environments!
2) Battle System: I'm a huge fan of the Real-Time based battle systems. There's plenty of action in this game, and in order to keep yourself alive in times when you're swamped with bandits or worse, balverines, you'll need to build up your attributes and learn new useful abilities.
There are three components to fighting-- Strength, Skill, and Will. It's pretty simple, strength is for melee combat, skill is for ranged combat, and will is for the use of magic and other abilities. Not only are these great in battle, but you can learn nifty tricks like stealing from stores and picking locks by raising your skill, and your appearance will even alter over time depending on your most prominent stat. (Strength makes you more muscular, Skill makes you slim, Will makes you... bald :P)
3) Alignment: The alignment system is one of my favourites in Fable. You can choose whether to be good or evil, but somehow still end up as the "Hero" in the end. Good guys will grow to have white-blonde hair, blue eyes, a faint white glow around them, a translucent halo, and some butterflies circling around them. Villains will lose some of their frontal hair to make room for long horns, they'll have glowing red eyes and an ominent red aura around them, as well as uh... flies circling around them :P
Ok, now for the "not so good" stuff.
The Bad:
1) Short Length-- You Fable veterans are probably thinking "Well, DUH". Heh, yeah, that was possibly the most disappointing aspect of Fable. This is not a game to rush, because it really is only about 15 hours of storyline, which is seriously pathetic. Even 30 hours can be too short sometimes, but 15? *slaps forehead* what were they thinking!
2) Lack of Interactivity-- You can't really interact much with the townspeople. The expressions aren't that great... unless you're evil of course. You get the pelvic thrust, middle finger, and the "insult" expressions. But interacting in Fable is pretty much... doing some action and the other person either running away from you, cringing in fear, or drooling at you. I'd say the Sims is a better game for that sort of thing.
Overall, this game is alright. Not something I would recommend for everyone, as it has its ups and downs. It has a lot of amazing good points, but the bad ones, though few, really sting my overall impression. That is just my opinion though, and of course you have your own. If you have an Xbox, pick up Fable and play it. It's definitely worth a try.