The highly-anticipated Fable 3 simply didn't live up to its predecessors.
From Fable to Fable 2, there was a giant leap in quality. On many, though not all, fronts, Fable 2 was an improvement. But from Fable 2 to Fable 3, instead of going forward, they just made changes. Few of which were actually progressive. Granted, more time was put into Fable 2 than 3, I would rather wait another year or more for a game equal in quality than be cheated like I was.
One of my biggest problems with this game is that the character customization was almost totally gone. Sure, there was good and evil- I mean, its Fable. But the clothing, haircuts, and tattoos that I saw while playing the game rarely varied (and I searched for them. I'm strangely nit picky about how my characters look). Even further than that, in Fable 2, the hero could be fat, skinny, tall, fat, pale, or whatever. In 3, By the time I finished the game's main storyline, my character (aside from a new haircut and a beard) looked absolutely no different than he did when I started. Deeper customization is simply not an option in this game, which is a disgrace to the Fable franchise since that has been what characterized it throughout the other 2 games.
Though I am grossly disappointed in this game, I cannot say that It was a complete letdown. As far as story goes, Fable 3 is the best in the series. Though it did feel slightly anticlimactic, it was an excellent idea to allow the player to get to play as the King. It was just a shame that the actual storyline as King was as short as it was.
As a Fable veteran, my advice would be that if one is interested in Fable 3, rent it. I'm sure that your opinion will vary from mine in one way or another, but if you are expecting it to live up to its predecessors, go into it with low expectations to avoid the disappointment.