I'm not sure if you're going to get a very favorable reaction around these parts. Western RPGs aren't usually too well received from JRPG lovers. And Oblivion was massive and beautiful, but there wasn't much there. So story-wise it wasn't even that great by western standards :/

Fable will probably have this kinda stuff beat in spades though. Dunno about story but I'm hopeful. But as far as just running around the world doofing off, I'm sure there'll be plenty of meat to the package. It won't feel so empty and useless