I liked the first Fable quite a bit, though I wouldn't rate among my favorites. I'mma comment on some of you points on the petition.
1: Go back to its roots
That itself is a fine desire, though I would think if the 2nd and 3rd games were different enough to warrent it, then its 'roots' don't really exist.
2: Less comedy more drama to amplify a deeper, sometimes darker story that's true to the original Fable lore.
Fable's aesthetics were mostly not 'dark' and the story was at times, but so were the others. As for comedy, Fable is a game where you impress girls to sleep with you by flexing your bicep over and over again, and you could fart at will. So a mix of dark stories with light-heard aesthetics has always been in Fable.
3: More complex characters
This also conflicting with #1. Do you really remember Fable for its complex characters?
4: Basic repetitive 4 Button combat scrapped, A new Deeper, Completely Revamped Combat system to take its place.
Scrapping an old system to make a "completely revamped" one is both not helpful in the least and conflicts with #1.
5: A return to the Fable 1/2 experience system or even better, a new deeper experience system.
Again, saying "do it like you used to, or do it better" is not helpful and does nothing for looking like a well thought out idea.
6: Graphics should no longer be gritty, they should be more vibrant and fantasy-esque.
I thought the graphics/aesthetics have been fairly similar between each game, but I can see at least some movement towards more 'realistic' so fair enough point I guess.
7: More gameplay elements, (Think the quest in which you gain the fire-heart from the prophets)
Again, this doesn't really mean anything.
8: Remove the dog in order to regain the lone adventurer feeling as in the original fable. add an optional quest in which you can gain a dog.
Whoossaagoodawg? Yesyoossagoodawg! Er um... I suppose that's a fair desire.
9: Balance out the combat, Overall the game should be harder than all 3 Fable games, Prehaps slightly harder than Fable 1 by default, add a difficulty slider in the game settings. Using Magic in Fable 3 feels on the verge of cheating.
Another not very strong point, and also kind of moot, because no designer wants their game to be unbalanced.
So anyway, the real problem with your petition is not that you liked the older game better. I mean, how many people think about how much better some games used to be or thought a game could have totally done a sequel justice just by doing these things you think of? All of them, all the people.
The problem is really not being very well thought out with little focus and some contradictory ideas. I guess the other problem is thinking you could actually pull of something like this, but we all have dreams.
For the record, I'm not trying to be jerk here