Agreed 100% with everything Yahtzee said, which is rare for me. The only reason I bought this game was because it had John Cleese, but otherwise it's still worth a rent.
My problems with Fable:
1) The moral choice system is retarded.
2) Marrying NPCs is pointless.
3) Length, or the apparent lack thereof.
4) Story: Exactly what Yahtzee said. Why couldn't you just have the 'evil' policies for 1 year. Completely nonsensical and indefensible. The 120 day jump was just plain cheap. There was no real drawbacks to being good or evil, all you did was loose a few NPCs (which are faceless anyway) for being good. All the NPCs are completely fickle and faceless, so there's no real reason not to be evil either. Honestly, I made most of the Kingship choices based upon aesthetics (i.e. kept Bower Lake, and built the sewage facility) without any mind to the meaningless moral consequences. Epic fail Molyneux. The characters in the story were strong, if he didn't half-ass it and made it a complete action game, we could have had a developed main character, which would have improved the story drastically. But no, they had to cling to the last semblances of being an RPG for no apparent reason, even though the only RPG elements Fable has are completely irrelevant.
By far the funniest thing is that once you've accrued several million gold, you can instantly change from completely good to completely evil by transferring funds between the treasury and your personal account, thus making the entire moral choice system completely meaningless.
The game was fun, but it could have easily been 100x better if a more thoughtful designer was in charge. I'm pretty sure ol' Petey is completely off his rocker and should be committed.