I played Fable 2 first, then bought Fable with the boring additional quests.
I found Fable 2 to be a better game. I just enjoyed it completely.
However, I thought it was short and one of the easiest games I've ever played.
Nevertheless, given that I played it just before exam season and my girlfriend was heavily pregnant... it was a game we could enjoy together.
As for 'hype'... well, I only read reviews of Fable 2. Not one of them really compared it to the original. I look forward to Fable 3. Sometimes, it is nice to play a game which doesn't make you want to throw the controller at the TV. And sometimes, it's nice not to have to talk to every single person just to gain every piece of valuable information.
Given that I have a job, a fiancee to entertain, a baby to look after and I'm doing a Masters degree, sometimes it is REALLY nice to play a game that doesn't want to kill your joy for life. *glares at Seth from SF4*