Despite testing it a few months ago, Youtube forbids me to post my original review here, so here's a summary of my remaining arguments:
Everything is pointless! The dog is an inventory shortcut for the spade. Death makes combat pointless, combat is already brainlessly simple and mindless, it's designed for idiotic toddlers. The reward for everything is either gold or fame, both of which you don't need as, again, you don't need help for anything and fame only slightly changes the behavior of the clones... sorry, I mean the few dozen copy&paste models for NPCs and they even block your path at occasion. Spells have been mostly removed or combined like Time Control and Assassin Rush which makes the spells even more broken, but the major problem is the removal of the magic meter which allows you to spam the strongest attacks to no end. Melee and ranged abilities have also been heavily simplified by reducing the amount of techniques to 4 each. The bosses are especially fun as you can't beat them with melee attacks at all (I found no way to do it).
The story starts great but sucks right after that with one of the most insulting and pointless endings in videogame history, I'm not kidding. The writing is really bad, removing a lot of the clever humor that the first Fable had for “funny” slapstick humor. The problem with slapstick humor: Have too much and it gets dull. Have it for 34 hours and it gets annoying. I gave Fable 2 literally 34 hours, 4 minutes and 39 seconds to prove me wrong. It didn't manage to do that and made my opinion even worse.