Fable III: Malevolent or Magnificent?
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There will certainly be rewards for being a self-serving king, including a treasure room with piles of gold that directly relate to your wealth (no news as to whether you can swim in it like Scrooge McDuck though). According to Molyneux your family will get in on the act too, and your spouse is likely to apply pressure to selfishly accumulate wealth in order to maintain and upgrade the castle that acts as your home.
If it sounds like you'll just be sorting out squabbles between neighbours and placating your other half, that couldn't be further from the truth. For a start, you'll have to deal with the big issues that affect society on a day-to-day basis - how to handle crime, poverty and taxation being a few of the examples that Molyneux gave during his talk.
The other big example he gave was the decision to go to war. As Peter pointed out, Albion is only a continent in a much larger world, and for the first time in a Fable game, the play area will expand beyond Albion's borders to strange new lands. Lionhead is no doubt keenly aware that there needs to be an enemy to antagonise the player after the initial tyrant has been toppled part-way through the game, and we're almost certain that the threat will come from abroad.
The decisions you make during your rule, whether they are benevolent or bastard-like, will have a profound effect on Albion itself. Just as your character underwent dramatic changes in Fable II depending on how you played the game, the world you run around in will be a reflection of your rule. Tax a region into submission and, as you wander through it, you'll notice that people are much poorer, their houses are falling into disrepair and you'll no doubt encounter more hostility toward your royal visit.