The news comes direct from Microsoft's E3 conference, where a new trailer for Fable III was shown.
We already know that this time around we'll be the ruler of Albion. There are rewards for being a self-serving ruler, including a treasury filled with gold piles that grow or diminish based on the player's wealth. The player's in-game family will attempt to pressure the player into selfishly taking money from Albion to maintain and upgrade their castle
The player is also tasked with dealing with how their society works on a day-to-day basis, such as how to handle crime, poverty, and taxation. Another example is the choice to go to war. While Albion is only a single continent in a much-larger world, Fable III is the second game in the series to expand the playable areas beyond Albion's borders.
The trailer should be online shortly.