If it weren't for the surprising amount of agreement with you i would plainly say 'yes, yes you are'.
I see the Fable franchise as totally separate games: Fable was a classic fantasy RPG, with an enjoyably cliqued storyline. It basically said 'heres your health, your mana, your period weapons and magics. Those are some quests - DO IT' and i did. And i loved it
Fable 2 is where i disagree with Yahtzee, its not a re-make of Fable 1, re-painted or hiding in a shineyer box - its just not a good game. Many features are pointless, the storyline tries to be gritty but comes out stupidly over-the-top. It took out all the armour-hunting, story-enjoying, character-giving-a-shit-about, that i LOVED in Fable 1.
In Fable 3 i hold no interest whatsoever, Fable 2 let me down, and i'm not going to buy the game just because the old glory days were good, i'm gonna need a great review to want to acknowledge its existance at all.
I feel a bit like a sonic fan when i say, just release Fable: Even More Lost Chapters and i will buy it - i care not for graphics, just make it, and for God's sakes, please stop making new shit.