Uninspired and limited choices early on lead to a feeling of disconnection that make the Fable series classics.
Fable III also contains many many glitches, not game ending glitches, but floating objects, a breadcrumb trail that does not respond well, slow downs, and too many loading screens (such as when talking to npc's or interacting with anything). These screens, thankfully do not take long, but they do inhibit the fluid movements that were there in past Fables.
Story wise, I do not feel the need nor desire to care about the characters in the least. That connection of feeling actually concerned about what would happen was severed in this game, largely due to poor story and the attempt to streamline everything. Small events that happen in the game do not seem to have as huge of an impact like they once did.
Fable III does have the same basic gorgeous environments and I will definitely be exploring them further. However, I do wish there was a button that would bring up a minimap just so I could see my immediate surroundings without having to go to the pause menu (which is nice, but also gets annoying fast).
Also, if you do not have an HD tv, do not bother with trying to play this game on an older tv. You simply will not be able to make out the text on the screen! This point is probably mute in this day and age, but there are still people whom do not have high rez tv's just yet. An option for larger text would have fixed this issue.
What Fable 3 does nicely at, and is fairly innovative, is the way weapons change as you use them. Using certain items while performing certain actions will change the blades, handles, sizes, colors, attributes, ect. and is a nice addition.
Voice talents are also good, though some of them are overly dramatic (typical Fable style) or rather dull and repeatative. For the first time ever, the Hero has a voice, which is good, but I feel also tends to limit possibilities as a free roaming game such as this simply has too much to do to have a character have a pre-recorded voice for every event possible.
I miss the gambling games from Fable 2, and wished they had returned for this one. It is my guess that they probably will in the form of some kind of DLC, which is integrated into the game via a pause menu and will probably be along the lines of either Dragon Age or Mass Effect in terms of instituting the future DLC.
I think the major downfalls of this game are the lack of actual choices in the begining of the game, the complete lack of emotion/empathy towards the characters and the dog, the over-easement of controls, interactions with npc's, lack of card games, poor plot, and the many glitches.
The downsides said, this is still a Fable game and is still enjoyable, but if I were to chose between Fable II and Fable III, I would stick with Fable II.