For me the Fable trailer was great. The art style of the first trilogy was more of a choice to create still great visuals on limited hardware of the original Xbox and the 360. Fable to me is more about the story-telling, gameplay, and settings, I don't really care if the artwork goes more realistic or not, it's not an important component of Fable to me as long as it remains fantastical in nature.
I remember the trailer for Fable 2, the first few frames being some mountains and the moon in a fantastic manner and I think in a strange way this new Fable represents a better rendering of the original trilogy's promises than was actually delivered with said trilogies.
And not just Graphically speaking, Molyneux was a dreamer that expressed publicly his vision, but never quite delivered them, we still loved the resulting products but it always felt like it could be so much more. Playgrounds have a fair shot at delivering on the franchise's intent and what I saw with the latest trailer looks very promising for a deeper lore more freedom, more interaction with NPC...