To begin with, Fable is an amazing game. First or second one, it's the same: amazing. Great music, good story, good graphics, very well done gameplay.
You start as a little boy/girl that apparently is an orphan, "surviving" with your older sister. Murgo the trader comes in town, and has plenty of magical items (somebody buys a mirror that makes you beautiful, as long as you are alone in complete darkness, loll) and a REALLY magical music box. You work a bit to buy that, use it to make your wish to live in the Fairfax castle true and..... the story really begins. Obviously in a terrible downfall.
What makes this game interesting, is that almost everything you do influences the world. Be evil, killing robbing and generically being a nuisance, and the economy of the town you are making a mess will collapse, lowering also the value of real estate. Work hard, kill bandits and be loved by everybody, and that town's economy and real estate value will skyrocket.
Or you can help the people from the temple of the Light, and destroy the temple of the shadow... or vice-versa. No matter what your dog will love and follow you forever. The dog is an interesting part of the game: it can fight (i found it pretty pointless though) it finds hidden treasure like treasure chests, silver keys and plain and simply buried stuff.
There is a lot to do in this game. Not too long story, but a good deal of sidequests that sometimes are completely crazy, like helping a ghost to get vengeance, helping a drunk old sailor to prove that he has really seen a certain ghost, help the cemetery guardian with a "scientific experiment" and so on.
Some points of the game put what you earned on the line: will you lose some of your experience to avoid doing something evil? Most importantly, what will you choose at the end of the game? Took me a few minutes to decide, the first time. Those are the moments where Fable 2 gives it's best, it's not just a decision that will make your character good or bad, it will actually be "you worked hard to get to this point, would you sacrifice some of that for the good of the others?" and believe me, an absolutely good hero does a lot of sacrifices :-|
Everything you do, everything you wear.... all this changes how people will react to you. Big guy with girly clothes? You can do that. Cute female hero with mustaches? Why not?
Dubbing is awesome, and there is lots and lots of british accent here. I love that.
What's bad of this game? Bugs. Huge games always have bugs... luckly here it's (almost) always little things.