I am going to have to say Fable TLC was my favorite. I enjoyed Fable II and have yet to play Fable III (mostly because I don't want to, based on what I already know) Fable TLC had a charm and a feel all its own. The characters were a mix of quirky and fantastic in such a way that was captivating, and the land and story itself was much the same. I just felt like Fable II, while fun, wasn't all it could have been. I haven't given it another play since I beat it. The main things that disappointed me were the loss of Fable TLC's charm, the Crucible (because it was just Fable's arena, but crappy.) and the spire. I mean, the spire was a huge plot point, but it was such a bad juxtaposition. When I saw it off in the distance early in the game, I imagined it to be a foreboding and dark, fantasy inspired medieval-esque tower which was the embodiment of evil and the pain Lucien caused. However, once you make it to the spire, it is just a strange quasi-futuristic bland obsidian tower. And those guys you fight who are like, infused with the spire, they look like Pinhead for Avo's sake! As for Fable III, I feel like Molyneux took a real cheap way out. I mean, Fable's main selling point has always been moral choices. With Fable III, instead of coming up with a more creative context for these choices, I feel like Molyneux just sold out to the idea of making you a monarch. That's not an original choice imo. Ultimately, all of this put Fable TLC on top for me.
P.S. Someone shoot Reaver...please.