I actually liked the Story of Fable 1, yes it was cliche as hell but it was still fun to go through and the ending had a good sense of epicness.
Fable 2 however fell on its face a fair bit and I was dissapointed as a result so I don't expect Fable 3 to have a great detailed story but hopefully it'll be an improvement over the second one.
Honestly I would like us to just go back to the standard fantasy setting, going into the nineteenth century was a new idea but I didn't think there was much we could do with it in terms of gameplay... that's just my theory though.