Like a couple of people here, just reading that description of it, I really like this. I don't understand why people are so hostile towards it. Maybe he's using the Fable brand because it's set in Albion; it doesn't have to be anything like 1, 2, and 3 which I think he's making clear with the lack of sequential numbering and the sub-title "The Journey".
If it's really a open huge world to take the journey in, and I get to live as a travelling mage and interact with natural spell casting through a "Inheritance Cycle" like magic system, then I'd be all for it; it sounds just like the kind of game I've been craving for years. A serious fantasy game that I can really sink into and be immersed in the world, even as I'm just riding in my cart. Of course they'll be more than just riding. Towns along to way, maybe trading for supplies and other things. However, I don't own a 360 or a Kinect so entry to this title would be steep, therefore it'll be passing me by unless it comes to PS3 or PC.
I was really enticed by the simple outlay of this title, and I'm baffled at need for immediacy and familiarity sparking anger. Not to say I don't understand the misgivings, Molyneux hasn't made a really good Fable since Lost Chapters, but I'll give him the benefit of the doubt.
Edit: After watching the video I retract most of my statements that support the combat in this being anything more than drivel. Additionally I hate the mage at the moment. The rail-movement is ridiculously inhibitive and completely negates the spirit of Fable as a series entirely. This is especially true given the joypad can be used to control the game, making the laughably weak rail shooting bit (for a rail shooter) even less forgiveable. If it was anything like I gathered from the OP I might have liked it but those things really sew doubt in my mind.