Depends on what you want from it.
The setting does feel distinctly Fable, and it does continue the whole Hero bloodline thing.
The gameplay is rather different though in a number of aspects. For one, you unlock everything on "The Road to Rule", which counts as your level up screen - that you have to walk through to get to each upgrade, which is kinda annoying. You spend "Guild Seals" that you unlock by, killing things, talking to people and completing quests - and opening chests sometimes - to open chests on this path that upgrade certain things.
Melee is rather simple. You upgrade melee damage with all weapons on the Road to Rule over a series of 5 chests, and there are no extra attacks or effects to unlock. You merely have your normal attack, your charged up attack, and your block.
The same goes for ranged combat - five upgrades, nothing else, normal attack and charged attack.
Magic is unlocked in the form of Gauntlets at various points along the road to rule, and is a bit more interesting. You can merge two spells together with a late upgrade on the road to rule, it features the same 5 damage upgrades on the road, and you have your normal attack, charged attack, area attack, charged area attack for all spells.
Note: Charged attack for all combat types is simply the normal attack, just with greater effect.
Spell variety is kinda meh though IMO. You get fireballs, lightning strikes that stun, the ability to call down an ice storm over someone, the ability to throw magical swords at people, the ability to knock people back, and the ability to pick people up in a whirlwind.
There are 4 potion slots. The first is for health potions, the second for food, the third for 'Summon Minions' potions [Basically a summon minions spell, but its a lootable potion rather than an actual spell] and a slow time potion [Same deal as with the Summon Minions potion].
Character interaction with NPCs is the same as always, and you have to unlock any expressions but the basic ones on the road to rule.
You have to unlock the ability to buy houses and businesses on the road to rule as well, as well as the ability to woo people and get married I think.
Buying houses is done normally, but to buy items you have to walk up to a pedestal in a shop with the item on it, examine it, then buy it. To sell you need to go to a Pawnbroker, say you want to sell your stuff [To the empty air near the pedestals, not the shopkeeper], and then walk between several pedestals holding your stuff, examine your stuff, then sell it. Annoying TBH.
The control scheme on the PC is... meh. Its not good, its not terrible. WASD to walk, left click for normal attack [Hold to charge it], right click for special [Block with melee, First person aim with guns and Area attack for magic {Again, hold to charge}]. E is to interact with things, and 1-5 is used to select different options in all aspects of the game. 1,2 and 3 are also used to swap between Melee, Magic and Ranged weapons respectively. - and = is used for navigating between sections in what accounts for your inventory [Pedestals or statues with items on them], I.E: Swapping from Clothing to Tattoos, whilst [ and ] are used to swap between different sections within that menu [For the menu will only hold 5 types of items, and if you have more than 5 items a new section will be added with that item that you can swap to with those buttons]. F1-F4 are used to drink potions. Somewhat counter intuitive, but not that terrible.
The story is nothing special. I'm not going to spoil it for you, but its very Fable - and by that I mean it just follows the same blooming formula the other Fable games have down to several of the blooming missions. Yes, this means you will fight in another arena.
The pacing of the story, however, is IMO pretty poor. Without spoilers at one point you travel to a new land and the game says "It might be a while before you get back", so you expect you'll probably be doing a few missions over there. Nope, 1 mission then you're back home. More can be done during the King part of the game, but there's only 1 city there and 3 areas overall. The revolution section is also rather short, consisting of 2 quests, and a few court rulings to be made [Generally 1 or 2, plus one in the treasury each day], and after this is done the day is over. Saying more would be spoilers so I won't, but really the whole game seems to just rush through things.
Speaking of the King section, it is rather meh overall. It works as a conclusion to your promises made during the game, but is really... Kinda bleh.
Each choice comes down to keeping your promise to people and spending hundreds of thousands from the Kingdom's treasury [Totalling up to you needing to gain an extra 2 million gold, even after the 400K that is there initially and the amount earned by the Missions you are given during your time as King], or breaking your promises to fill your coffers with hundreds of thousands, and at one point a bit over a million, dollars. There is, however, a reason that you need as much money in your coffers as possible 6 "Days" [Lore wise 1 year, but you only get 4-6 actual days where you are playing King before this, the time in between happens off screen {Or you could go out adventuring before going to court and pretend those are the days that passed}] into your reign, though I won't spoil it. For the best result, however, you need 6.5 million in the Treasury. After this time you are still king, but there are no more court sessions or anything of the sort.
Hopefully this gave you a bit more insight as to whether you should buy it than a simple "Its great" or "Its crap". If you have any more questions, just ask.
Personally I enjoyed it enough that $7 seems alright for it, but it wasn't brilliant by any means.