Don't expect anything revolutionary new. Fable 3 is enjoyable but pretty much "more of the same".
The things i've liked:
* Beautiful graphics, great music and sound. The landscape looks pretty. Some places like the gloomy Silverpine forest with its wafts of mist add a lot to the atmosphere of the game.
* Finishing moves during fights look cool.
* The main quest is entertaining.
* There are some very funny side quest. I especially enjoyed the role playing quest.
* Quick travel. Simply choose your destination on the map in the sanctuary. This is actually an improvement compared to Fable 2 and saves you a lot of repetitive running and fighting.
* You can buy shops and houses from anywhere and must no longer stand in front of the location you want to buy.
The things i haven't liked:
* Fighting is way to easy. You don't need a clever strategy to defeat your enemies. As long as you press the B button , which produces a magical attack, you're fine. Even boss fights are easy to win with the B button strategy. Which makes winning a fight not very much rewarding.
* Slow motion during fights. While the slow motion sequence is running, the fight goes on. And it's really hard to yourself defend against the next blow of an enemy when the camera still shows how your last enemy is dying.
* In the second half of the game you become king and thus must make "hard" decisions. Unfortunately all the decisions are completely black and white and basically it all boils down to whether or not you have enough money. Almost every political decision in real life is based on compromises. But the game doesn't allow compromises. You simply have to choose the good or the evil decision. I guess the idea behind this part of the game is quite good, but the execution is far to simple.
* The sanctuary. Ok, the sanctuary as a replacement for classical inventory and games menus is not that bad. Actually it works quite good and does not slow you down. But it produces some logical problems which are not explained at all. When you travel to Aurora some doors in the sanctuary are suddenly closed and Jasper, your butler, has magically disappeared. Why?!
* Social interaction. There's simply no reason to interact with people. You can finish the game without even shaking hands once. So the whole social interaction stuff somehow superficial. It may be fun to see the animations which are performed when you interact with people, but after the second time you've seen them, they stop being entertaining.
* Has a lot of boring side quests like "bring item to person X", "search item Y", "collect all flowers", "collect all books", "shoot all garden gnomes", etc.
* Loading times. You'll see the loading screen A LOT.
* Logical errors: Once you're king, people still ask you to go on dangerous or boring quests like "hey king, bring this item to person X and i give you 50 gold". That doesn't make sense, even in a fantasy world like Albion.
All in all Fable 3 is quite good. If you have liked part 2 you will like part 3 as well. Just don't expect anything revolutionary new, you won't find it. Fable 3 is enjoyable but pretty much "more of the same", compared its predecessor.