Just a personal request for the dev team. Ever since I saw this photograph on a "farktogrophy" contest I wanted to put something like this in an rpg. Thus I personally request a snowy area, with a woods, backroad, and small town much like in this picture.
Ahh yes, to add a few things that other have not already.
For your reputation, besides fame and good vs evil the game should also take into account how fat your character is, how much s/he gambles and goes to the brothel (eh, there was one in the Lost Chapters) and how much he drinks. The npcs in the game should then respond to this, calling your character a drunkard if all you do is drink, a slob if s/he is incredibly fat, and a scoundrel if s/he partakes in vice too much. This could be independant of the fame and good/evil status.
Another thing, the 2 best things in Fable were character customization and the art direction. So improving on both is a must!
For character customization, being able to choose between female and male would be nice. Choosing hair and eye color would also be a bonus. Finally, if you want to be strong your character shouldn't have to be a giant, don't tie height into the strength stat. By the end of my play through of "The Lost Chapters" my character towered over everyone at what seemed to be 7 feet tall (about 2.3 meters for you Europeans).