One of the most anticipated features of Fable 3 is the option to create your own villager, but there's a catch.
Lionhead Studios seems to be getting greedy here, because to get access to that option, you need to have pre-ordered your copy of Fable 3 directly through their website.
Anyways, here is a snippet found on their website. It's having to do with the story plot of this much anticipated game.
The journey to rule the throne of Albion begins five decades after the events of the last chapter, and you play as the child of your hero from Fable II.
As you rule your kingdom as king or queen, you will be called upon to make choices and sacrifices that will test your morality and can affect your entire kingdom.
Themes of heroism, leadership and consequence are taken to a grand scale as you fight to unite a divided people.
Another thing worth mentioning is that there are rumors floating about that there will be an in-game shop where players can buy specials items using real life money. This would make Fable 3 a Micro-Transaction game.