Fable III lead designer Josh Atkins revealed quite a bit more about the upcoming Fable game in a recent interview. The most interesting tidbit has to do with linking Fable IIi to the upcoming installment.
When asked what would be carried over into the third game, Atkins explained that some of the player's decisions in II will influence the story of III, but stats and gear won't cross over.
We really, really wanted to create a strong link for our fans that did play Fable 2, however, we also didn't want players who didn't play Fable 2 to feel left out or at a disadvantage. Therefore, if you have Fable 2 saved game data, it will influence the story, and the decisions you made in Fable 2 will be referenced and discussed. However you won't gain any huge advantage from having played Fable 2.
The second game was never released to PC, so gameplay advantages would've been pretty unfair to many gamers.
Fable III for Xbox 360 is set for October 26, and the PC version will follow some time after. Until then, go ahead and rewatch the opening cinemtic -- again and again.