We know that you're going to overthrow the King of Albion and take over. It sounds like it has less of a focus on the lone hero and more about managing organizations, be it a rebellion or a kingdom. Also that Molyneaux has identified THE ONE THING that's wrong with Fable-like games (which would be... Fable... and... Fable II?) and he's FIXED IT but he's NOT TELLING US WHAT IT IS.
Release is supposedly late 2010.
No word on pet AI, but DogWatch 2010 is keeping their ears to the ground.