I had yesterday off work, & have put well over 10 hours into it already. I love it. Played in the afternoon. Went out for dinner. Played again Friday night... through to 7am Saturday
The "Sanctuary" (the room which you have instead of a normal pause-menu) takes some getting used to, but does work fairly well once it's all unlocked.
The story is great, & the voice cast are excellent. Finally met Stephen Fry & Jonathan Ross' characters last night.
Graphically it isn't amazing, but it does look good.
Combat works well. Like Fable 2, you simply have one button for melee, one for magic, & one for your gun.
Instead of having the power of "Will" like the previous games, your character wears special gauntlets which channel your innate magical power. You can eventually unlock the ability to wear two at once, & "weave" two spells together. My Hero is currently using Fireball & Shock, which is quite cool. My Hero has got a nice glow now 'cos of so much magic use.
Your ranged & melee weapons mutate over time depending on how you play.
The "Road to Rule" where you spend Guild Seals (XP) to unlock new abilities works fairly well.
Don't have much of a property empire yet, just a growing selection of Stalls.
EDIT:
Only real annoyance so far is the glowing trail. It messes up sometimes...