This is about what I thought Fable would get, too. The story has always been the contentious element of this game and honestly Molyneaux (sp?) games almost have NO story besides the one that you create. I actually find this liberating, but I can see how others who love great stories in their RPGs woulkd find this a serious drawback.
For a sequel I would like to see a bigger game with the same features. Mke a more free roaming world (smaller than morrowind but bigger than KOTOR) with more quests.
But in the end I think the draw of this game will be your character reacting with the living world. I plan on experimenting endlessly with the economic system and good and evil. Just think about the possibilities... Good Mage, Evil Mage, Neutral Mage, Good Warrior, Bad Warrior, Neutral Warrior, Good Thief, Bad Thief Neutral Thief... get married, be failthful, be unfaithful, kill her, get a new one, cheat on here with her sister, kill her... you get my point
Well its under a half a month left before I lose myself to this game as an axe weilding evil bastard (and then a sick ass mage), but I've waited so long a few more days won't bother me much.