| Fable is okay. There are several threads on this board which explore a similar question to yours. The general consensus is that its a good game, but not a great one.
It's very action centered. In fact, there is far less role playing and story in it than KoTOR or Deus Ex. Otherwise, its a comparable game. You are a hero and you have a great deal of control as to how evil/good you chose to be. The combat is much more fun than KoTOR, though. The downside is that there is far less NPC interaction, and you don't control a party.
It's major shortcoming is that its really really short. It's probably the shortest RPG I've ever played (easily 1/4 of the size of KoTOR, for instance, which in itself wasn't that long). It is, however, a very pretty game and one that is fun to play. It has a simple, but decent story. Likewise, there are a lot of options you have concerning buying property, changing your physical appearance, and developing your character build which provides additional entertainment.
Personally, I'd recommend waiting until the PC version comes out in November, if you play on PC at all. It will have additional content, and should be a more fulfilling experience than the X-Box version. However, if you are an X-Box player, the price has recently been reduced. It's worth picking up as long as you have realistic expectations. | 
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