I loved the atmosphere of Fable I. The magic was awesome and the weapons were cool. But it was bizarre how linear it was, which is counter-intuitive to what it had going. Magic was awesome, and unlike Oblivion, there were head shots with arrows. I had great fun playing it the first time and again a year later, but after you're done...There's really nothing to do. The guild is a shell of itself, you can not enter the arena again, there are no more quests, and nothing to explore.
And they had so much stuff planned for the first one that never made it, which sucked balls. I remember someone said "Morrowind" was similar, so we bought that before we got Fable and did not like it. But now, I find myself much more immersed in Oblivion than Fable. I know they are not the same games, but the openess of a game like that would do Fable II good.