Well I've been playing it for a few hours now and all I can say is that it feels just like the old Fable, which in this case is a good thing!
The fighting, the interaction, the people, the missions, it all feels like old times which is what a sequel should be IMO. Few things still bug me though, stuff like the scripted conversations. More effort would have been in place on both the scripting and the voice acting because a lot of the time it's rubbish, but somehow that's an industry standard for RPG games with vocals, no idea why :S.