I don't know. Fable 1 was, in my mind, one of the best games ever. Fable 2 seemed like a shadow of that greatness. I personally liked the armor of Fable 1 much more than 2. Really, I'd rather have to put on armor and look like a walking tin can than sink points into a defense ability. The way 1 did it was just way better.
Combat in 1 also seemed a lot better to me. Having to switch between melee and ranged really added that sense of risk/reward that 2 sort of lacked. If Moly had included a way to create a combo with melee/range/magic attacks like say, Fire Arrows or Whirlwind Punches, or a way to have the option of going with 2 one-handed guns or swords/axes/maces and create combos based on your loadout would make it a lot more polished, and give the game more options.
In all, Fable 2 just lacked features were either in Fable 1 or could have improved it beyond its predecessor. I won't go too far into the stories on this, other than to say that2 had its down points there as well. It never really climaxed (non-sexually) for me. ***SPOILERS*** Where Fable 1 had your character fighting a very one-sided losing battle and everything seemed hopeless, 2 just had you go into a pseudo-memory that really had nothing to do with the plot. The dev. team also used the whole time-sink-while-bad-guy-solidifies-contol again, and that was another let down to me. DON'T USE THIS AGAIN. I guess I did go into stories a little deep, and this post is getting far too long, so yeah.
My Verdict: Unless Fable 3 brings a lot of polished new ideas to the table, it won't live up to Fable 1, and end up like the "special" youngest sibling that everyone tries so hard to like but gets talked about whenever it leaves the room.