This is going to be good, because I have SOOOOO MUCH to say about Fable 4 and ideas for it that SHOULD be looked at.
First off, STOP BRINGING UP FABLE 1! Yes, Fable 1 is a great game because it established Fable's fantasy genre and was Lionhead's rise to the Fable series. No, I am not saying Fable 1 is a bad game because everwhere Iook for Fable 4 ideas, they always bring up Fable 1 and how it should be like it. Fable is a game that constantly evolves with fantasy/steampunk theme so everyone who says Fable 4 should be like 1 don't get your panties in a twist.
Okay, sorry if I offended anyone, I love the Fable series to death...
1.) The morphing system from Fable 3 was a great idea, but it was poorly executed along with the removal of several other items such as katanas and axes. With this idea, Fable 4 will have an option to create custom weapons that become stronger the more you use it. Here's how it works: Whenever you go to a blacksmith shop, he sells two types of things. One thing is iron weapons which are used as a template for custom weapons as well as weapons like in Fable 3 (there are also plenty of legendary weapons to find in the world). The second thing the blacksmith would sell is items called "attachments" that can be used to make the custom weapon. Every weapon requires two attachments.
2.) Fable 3's major flaw was the use of the Sanctuary and completely got rid of the inventory menu. Mind you, I don't mind lists of items and was somewhat removed from the game whenever I went to the Sancutary. So, why not have both? Have a basic inventory menu that shows your Hero on a small plinth or something like that, showing the Hero with previews of clothes you got and see the clothes in different colors from the dyes you bought from the tailors.
3.) The combat is good, it would be good to show some more unique finisher moves based on the way you play through the game. The enemies should have some AI being a nice mix of easy and difficult. Fable is a game worthy of having boss battles in it, whether it be a demonic entity that haunts people's dreams or a Steampunk version of Jack of Blades (just saying).
4.) The NPCs should be more unique and looks various from the rest of them. There certainly MUST be the return of the emote wheel and the ability to switch from just holding someone's hand to having them follow behind you as you lead them.
5.) The story should be a lengthy and interesting story with a wonderful mix between the regal age of exploration and fantasy and magical sub-plots. As much as I love the Fable series, the fantasy element is slowly slipping from the original formula, the fantasy element MUST return if Lionhead wants to keep much of its orignal fanbase glomping and loving Fable 1 for its massive fantasy feel.
6.) I enjoyed the honor to be a ruler of Albion, but I felt Fable 3 rushed this and made it way too short. The best idea for Fable 4 is that when you're Hero becomes ruler, they can have a weekly decisions that they must make that constantly changes the Albion around them, and going around the world and helping important characters in the town for the better of that town or all of Albion.
7.) Co-op in Fable 4 should most likely split-screen so that both players can go seperate ways to do jobs, fight creatures, do side-quests, or maybe for the simple awe of how your Albion is similar and different from their alternate Albion.
That is all I have to say (for now), Read my points and I hope you agree with me. Fable is a great series, and maybe with enough ideas (and Lionhead's email) we can all have our voices heard and have a Fable that molds to our liking!