When I played it back in the day it seemed and felt amazing. Now... Not like it turned bad or something, but... I guess I started noticing more flaws in games recently. Minor things, mainly, but still it makes the game feel old to me. Old and imperfect. Like I know that some things could (or even should) have been done a bit different.
But despite that, Fable is a good, solid RPG game. If I'm not mistaken, it even affected GTA: SA with its ability to change your looks. At least approach is very similar. So, if you had not played original - try this one. It does look better and Fable 2\3 controller scheme does feel more convenient, as well.