Currently playing this and enjoying it. Gameplay wise, it pretty similar to fable 2. What you're getting is a good story and the wonderful world of fable. It's now a industrial revolution Victorian era kind of thing. I like it a lot. You can upgrade your weapons by completing certain action, like an evil sword can start doing a dmg bonus if you murder 20 people with it, or there's one sword that gives you bonus if you sleep with a lot of people, stuff like that.
The multiplayer is improved a bit. There's also new incentives to try it. There are over 50 weapons in the game, but only 26 spawn in your world. You have to trade with other players to complete the set. However, there is no trade mechanism, just gifting. So you gotta give something to a stranger and nope they give you something back. It's not a big deal if that doesn't work out though, weapons are not very expensive and you can buy multiple version of each, specifically to give away. The costumes are neat, so dressing up is fun.
All in all it's a good game for those that enjoy a rich world and story, people looking for a tough challenge or complex gameplay may be disappointed, but that was never a surprise.