Fable Legends may have Fable in the title, but it its heading in a new direction. Instead of focusing on one main storyline with branching choices, it's now a wave-based combat game set amidst a wider story. You can take on the role of number of set heroes, in much the same way you'd pick a MOBA character. Prefer swords? Thats fine, but magic users have a place too. You'll want a support, too - but that might mean you don't have a tank. You four-person squad can be filled with other players or AI companions, but you'll always need to be working together.
More interestingly, Fable Legends gives us the ability to play as the villain of the story for the first time ever. Where being a hero plays like the old Fable games, playing as a villain turns the game into a strategy game where you control an army of minions to do your bidding. Lionhead wants Fable to return to prominence, and Legends may be the game to do it - especially with it taking a very interesting approach to the free-to-play model.