Back in 2005 when I played it for the first time, my previous experiences with action/adventure games was with The Legend of Zelda games, especially when I recently finished Wind Waker six months before. Even back then, I didn't treated Fable as a full on RPG, I treated it as an "action/adventure" game and it definitely was sloppy with everything it tried to do, from the inventory to the combat.
Heck, I barely remember the story, the only thing that stuck up with me was the "chicken chaser" and the dragon at the end of The Lost Chapters.
I'm not saying it was a bad game, quite on the contrary, I had a lot of fun with it back then and I'd definitely like to revisit it someday, out of pure nostalgia.
I'm not buying a 360 again just to play this, I'll simply dust off my copy of Fable: The Lost Chapters and it's 4 installation CDs. Those were the days