The Lost Chapters is indeed a fun game. However, I've read the other Fable games on Steam are quite bad so I've stayed away from those. Don't recall the exact reasons but I kept a mental note. If you search around in their original forums, it shouldn't take long to see posts about them.
I put 20 or so hours into 3. It's alright... PC port is a little meh but plug in a controller and it's fine. I think I had to force v-synch off or something. It's a very simple game and has a ton of flaws but it's pretty and can be fun.
It all depends on your standards really. If you're someone who thinks Skyrim is too dumbed down don't even consider it.