Fable 1 this isn't, and that isn't a good thing.
I'm still in shock at how simple the combat engine is compared to even the first fable (which in itself was pretty simple) this one is even worse, it requires no thought, just random mashing. I hate to say it, but i think the pub games part are going to make this game more replayable for me than anything else about it, it is just lacking that certain compelling something.
That all said, this game is still good and fun to play with its moments of comedy and socializing, but i would suggest you rent it or wait for it to be in a bargin bin.