The only thing epic about this Fable is the playing world.
Of course there is a story, it starts at the beginning and finishes at the end, there are NO real surprises and as Peter Molyneux has said on many occasions Fable isn't so much about the story as the world they have created for you to run around in and test your moral fiber. To be honest the game succeeded in that, I enjoyed going round and meeting people, testing out the expressions and trying it on with the ladies. The world changes around you to emulate your actions so if you are good the world looks rosy and beautiful, if you are evil your surroundings change to reflect this and peoples behavior towards you changes too dependent on whether they like you or fear you.
But when all that is said and done the point of most games is to tell a story, and in this type of game you expect the story to escalate, your foes become bigger, tougher and obviously more evil. In a fantasy game you expect to have to fight a dragon; if you have played Final fantasy you expect to fight about 20 dragons, and for me this is where Fable2 really fell down. The bad guys obviously do become more powerful as you progress through the game, but they don't get much bigger. The largest creature you will come across is a Troll, and while quite large it is certainly not on the scale of a dragon. Also it is immobile and not much of a challenge. Add to that the basically repetitive combat and the lack of MANY decent magic weapons to go hunting for Fable2 really fails to deliver as a fantasy based pseudo-RPG.
If you enjoyed episode one of the episodic version just keep going with that as far as you can and then avoid buying the game, the lack of a decent story makes it not worth shelling out the money for.