Fable is like a few games.
First off, it's not like Morrowind at all. Morrowind had a completely open, free game world. It was also very huge and kept me busy for pretty much an entire year. Morrowind is an awesome game, like Daggerfall, and cannot possibly be matched by anything but another Elder Scrolls game. EVER.
There are two things Fable does better than Morrowind. The big one is character interaction. For instance, people will run away from you if you're fearsome. Women will fall in love with you, you can marry them and have hot hot offscreen sex. In Morrowind people just stand there, even if you're more evil and vile than Dagoth Ur. Morrowind does character interaction very poorly.
The second thing is character appearances. Morrowind had a very limited set of appearances. My character is an older, battle-hardened warrior whose face looks like someone went to down on him with a box cutter because I didn't wear a helmet for 3/4 of the game.
Combat in Fable is quite a bit fast-paced and your combat proficiency depends entirely upon your personal skill. In that sense it's a lot like Zelda, although the game world design, movement and combat gameplay vaguely remind me of Starfox Adventures even though it's a lot more fun.
The graphical style reminds me a lot of Ultima IX, which makes me happy in a way that only a woman should be able to please a man. Ultima IX sucked, but for some inexplicable reason it's one of my favorite games of all time. Fable is loaded with Ultima references too, so if you're a fan of the series you'll find it very enjoyable.