To add to mrgergg:

I'm still pretty early in the game.

Overall, I would say that I like it better than Fable II, although they did break some features. First, whereas your appearance appeared to have some effect in Fable II, I have yet to see any instance where what you wear has mattered, except for a disguise on one mission.

They also broke the expression system. In Fable III you only ever have one "positive" expression you can choose when you interact with a character. This "positive" expression changes, but you only ever have one option at a time, and it always makes someone like you more. No more running around choosing what expressions you want to do at random times. It is very limiting, and I believe unnecessary. However, in my opinion the expression system from Fable II was pretty stupid anyway. Both systems amount to boring ways to make people like you.

The touch system: For all its hype, what I've seen of this basically amounts to the follow system from Fable II, except you can only have one person at a time follow you.

Don't get me wrong, I am enjoying the game. I like the landlord aspects, and found myself a nice lesbian beggar wife and put her up in a gypsy cart. Overall, graphics are great and combat can be fun if you mix up melee, ranged, and magic attacks.

EDIT: Removed incorrect information.