I don't feel like the graphics have improved at all. If anything, they've gotten worse. I couldn't do anything without getting texture pop-ins, and the game doesn't really look polished to me.
The gameplay was quite a bit better, but the combat is still boring as ever. The sync kills are dependent entirely on chance and luck. Sure, there may be a few that you can pull off, or some you can trigger, but really, they all feel really unoriginal and unnecessary, and feel really out of place in a Fable game. Here's what I don't get: Why are they using the same physics engine as before? It's the exact same one as before, the Havok engine. You know, the infamous "Ragdoll" engines? Yeah, and as most gamers will tell you, it stopped being fun sometime around Fable 2 when everyone was dying the same way.
Another note on graphics, the lag is -horrendous-. The mouth-syncing is among the worst I have ever seen in my entire life. I actually had to let my ears catch up with what was being said because my eyes were getting face-fucked, kind of like when you watch a Japanese movie, and you get that weird feeling of, "Wait, what the fuck?".
The game -still- suffers from the same issues as the last game graphically. It's like people were too busy listening to Peter talk about all the stuff he wanted in the game to do what you -should- be doing in the last four or five weeks of production: FIXING BUGS AND POLISHING THE GAME.
The controls are a bit off kilter. It's just that walking isn't really possible. You either walk slower than a sick mule, do a weird slow-motion run, or just run.
The game also moves much to quickly for an RPG. I mean, really, the only Revolution that ever went -that- easily and -that- fast would probably be the Velvet Revolution, and no one even died then. Where's the intrigue? Where's the sticking to the shadows, running from the law? Why are guards -watching- me walk the streets and not making any attempt at all to arrest me? Secondly, the combat is boring as hell, and the "weapon-morphing" is broken beyond belief. After about ten minutes through my first fight with renegades, I was bored out of my mind, and fast-travelled just so I wouldn't have to do it again. The game also lacks consistency. The Castle looks entirely different, and there's no explanation as to why. The guild seal also looks different.
Also, for bragging about bringing stuff from Fable 2 into Fable 3, you sure did a half-assed job of it. I rarely got any references to my Hero-Parent, the most being in the beginning of the game. Giving the character a voice was an almost pointless move. The longest line he has is in the beginning of the game. Apart from that, he's as silent as his ancestors before him.
As for the few RPG elements we had, you're -really- going to make me ballroom-dance and play patty-cake with people? I'm glad there aren't inter-kingdom relations or anything, that'd be awkward as hell.
In short, this game is broken beyond belief, and is anything but great. Maybe my expectations were a bit too high for Fable, but considering all the hype we've gotten out of this, it should have been obvious this was going to burnout. When Peter said they would -have- to release the game episodically, "Or we wouldn't make enough money to continue the franchise", I should have known something was up. But nope, I was far too caught up in becoming king.
The game got way too high of a score. I'd give it a 7.5 at the most. As an RPG, Fable 2 beats the sin out of Fable 3.
Also, I think Pete went a bit overboard with the humor.