Just a few hours in, but I felt I wanted to say something about the offline co-op specifically and first impressions. This time you can import your actual character into your friend's world and it you will look like your character. You share the rewards.
It's not split screen but the view is wide enough to allow both characters some space to run around and fight in without feeling handcuffed together. It's easy to follow what your friend is doing in combat as well as yourself.
There's some turn taking with NPC interactions and what I will call the 'virtual character sheet' (The Sanctuary). Exploring you need to agree on a general route. But if your playing with wife or friends a little patience can be assumed. You both get rewards if one of you opens a chest etc.
So overall a nice offline co-op experience, especially if you're looking for a co-op in the fantasy genre, and have found few workable offerings since the old Baldur's Gate / D&D games. Of course this a different experience, the difference between playing a fantasy novel rather than a persistant battle.
The look of the game seems much polished with really nice environments. It's not Oblivion cross country free-roam but it's looking like it will be a polished high quality journey.
It's probably worth each creating a game before starting offline co-op so your character has a world of their own to go back to (can be done without).
So - overall first impressions. I think this will be a good experience. I didn't enjoy Fable 2 as much as Fable 1, but this is giving back the wow factor a bit and partly I'm reconciled to what Fable is and isn't. They've given better time and thought to those of us who want to play with family and friends offline.