At Gamescom today Microsoft announced Lionhead's latest project, Fable III. MSFT also announced that Fable II will be released episodically on Xbox LIVE with the first episode debuting for free on LIVE on Sept 29th:

COLOGNE, Germany – 19 August 2009 - Alexander the Great. Genghis Khan. Queen Elizabeth I. Che Guevara. Throughout history, revolutionary leaders have taken very different paths to power, bringing about prosperity and poverty, peace and sometimes anarchy to their people. Now Microsoft Corp. and Lionhead Studios will explore the journey to rule, with you in pursuit of a kingdom, in “Fable III,” the exciting new game in the critically acclaimed “Fable” franchise. The title’s debut was confirmed today at gamescom in Germany by Peter Molyneux, Lionhead’s creative director, and will be available exclusively on Xbox 360 in the 2010 holiday season.

“Be not deceived. Revolutions do not go backward.” — Abraham Lincoln
Since its inception, the blockbuster “Fable” franchise has offered players the opportunity to choose their own destinies as a hero, villain or someone between, where the possibilities are limitless and the consequences can weigh heavily on the path to greatness. In this new adventure, players will witness tyranny, poverty and injustice plague their land. They will see a people divided, and they will be compelled to stand up for change. They will also be forced to answer a question: What would you sacrifice to secure the crown of Albion? Will you uphold the values and principles that led to your ascension, or will you be corrupted by the station you’ve strived to acquire? Will you be a monarch of the people, or bring the entirety of Albion to the brink of collapse?

“We’ve spent a lot of time at Lionhead thinking about how we can innovate the gameplay and progress the world of the ‘Fable’ games for its third chapter, and we’re confident that players won’t second-guess what we have planned for ‘Fable III,’” said Molyneux, who also serves as creative director of Europe, the Middle East and Africa for Microsoft Game Studios. “Though I can’t give too much away right now, players should expect to have to make much tougher choices with far wider consequences than ever before in Albion — and with many more interactive adventure elements.”

In the epic story of “Fable III,” the journey to rule the throne of Albion begins five decades after the events of the last chapter, and you play as the child of your hero from “Fable II.” As you rule your kingdom as king or queen, you will be called upon to make choices and sacrifices that will test your morality and can affect your entire kingdom. Themes of heroism, leadership and consequence are taken to a grand scale as you fight to unite a divided people.

“Fable II” in Single-Serving Sizes
While “Fable II” has become the best-selling role-playing game of all time on Xbox 360, there are some who still have not experienced the magic and adventures that await them in Albion. For those who have watched from the outside, unsure if they were hero material, a surprise awaits. Microsoft and Lionhead Studios are about to embark on a new journey with the episodic release of “Fable II” on Xbox LIVE. The launch of “Fable II: Game Episodes” will debut Sept. 29 with the release of the first episode for free download exclusively on Xbox LIVE.

In the first episode, players will experience childhood and the trials of being a young adult in the world of Albion. After completing the chapter, players have the choice to then purchase the next installment or the entire game (in select regions). “Fable II: Game Episodes” delivers the entire “Fable II” experience in five consecutive instalments, with all the Achievements, challenges and excitement of the disk-based game, as well as full compatibility with the previously released Game Add-ons, “Knothole Island” and “See the Future.” The episodes are also fully compatible with the disk-based, retail version of “Fable II,” allowing players to enter Albion and continue their story should they purchase “Fable II” at retail. All editions of the game offer cooperative play with friends on the same couch as well as on Xbox LIVE.*

“With the launch of Games on Demand on Xbox LIVE, we have a great tool in place to deliver classic titles in an incredibly convenient fashion,” said Phil Spencer, general manager of Microsoft Game Studios. “With the ‘Fable II’ episodic model, we’re encouraging people to experience the first chapter of the game for free, then move onto other chapters when they are ready. It’s a unique model and one that will appeal to gamers who’ve been hesitant to dive full into the original retail release.”

“Fable III” will deliver a sweeping, powerful story and new innovations in gameplay and Xbox LIVE functionality when it is made available in the 2010 holiday season, only on Xbox 360. More information about “Fable III” and the episodic release of “Fable II” will be made available at a later date at http://www.lionhead.com.

A new trailer for Fable III was also released:

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