First came Fable: The Journey. Then came that mysterious cinematic teaser trailer. Now comes a brand new game in the Fable universe titled Fable Legends. None of these became what fans really wanted one of them to become, and that is of course Fable IV. The Journey ended up being a separate disappointing Kinect title. The mysterious trailer was for the HD anniversary re-release of the original Fable with The Lost Chapters (which, to be perfectly fair, is very much exciting in its own right).

Fable Legends is…well, something else. It sounds like it’s somewhere in between Dragon Age and The Elder Scrolls Online. Continue below to find out what we do know so far, and to see the game’s first trailer.

Fans of the Fable video game series have been expecting a new game for a while now. The games have been progressively becoming less and less loved over the years, capped off by the latest entry, Fable: The Journey, a motion-controlled Kinect title that failed pretty spectacularly. But credit is due to fans of the series, who, for the most part, have remained excited about future games despite the growing list of negatives associated with the franchise, holding on to that hope that the next game could be the game to restore the franchise to its original glory.

This tiny sliver of hope grew a bit when Lionhead Studios head Peter Molyneaux—who became infamous for spitting out exciting used car salesman statements about a game that ultimately failed to deliver—departed the company for a new venture. Now Lionhead is teasing fans with a video that appears to announce either an HD re-release of the classic original Fable (including The Lost Chapters, it’s assumed) and/or Fable IV, or perhaps a remake of the original. Check out the video below and share your thoughts!

Almost anyone who follows video games will know the name Peter Molyneaux. The British video game designer and programmer founded Lionhead Studios, the creator of the massive Fable franchise, and he developed quite the reputation for over-exalting upcoming games and promising the moon and the stars even when the final product didn’t end up meeting expectations.

Whether the man just wanted to do or say whatever it took to sell a game or if he simply had a childlike passion that led to his exaggerations is not clear, but you can’t deny that when he talked about his games, he made you as excited as he seemed to be about them.

But for better or worse, Molyneaux has decided to move on to new things, announcing his departure from the Microsoft-owned Lionhead for a new company called 22 Cans.

Fable has turned into an interesting franchise for Peter Molyneaux and his Lionhead Studios. Each game has come with unbelievable promises, and each””while still enjoyable for many players in terms of basic entertainment””has failed to live up to a lot of the overall hype.

That’s not stopping Molyneaux from continuing to try and reach beyond the stars for the next installment in the Fable franchise, however, with the not-so-surprising announcement of a Fable 4, more officially titled Fable: The Journey. The new game takes a major turn from its predecessors, and it’s this move that will see it gaining (and perhaps losing) many fans.

Be sure to continue reading to learn much more and to see not only the first cinematic trailer for Fable: The Journey, but to see a gameplay demo as well, so you can decide whether you’re in, out, or undecided.

The work on Fable III is already well under-way, and with promises of a Holiday season 2010 release date, the folks at Lionhead Studios have a lot on their plate these days. None-the-less, things seem to be going well, and after some big announcements made recently, the studio has released a new video diary to warm up your excitement levels for the third adventure.

Lionhead top dog Peter Molyneaux recently spoke at the X10 convention, and arrived with promises of the announcements of major changes to the Fable franchise that would likely leave many angered. As it turns out, all of the big changes actually sound pretty exciting, and, depending on how well the concepts translate to gameplay, they could make for a very cool, very unique Fable III experience.

Among the many changes being reported out of the convention, it looks as if Lionhead is ready to take our hand (literally) and guide us away from the games that we’re familiar with today, including Fable II. For example: there will be no more health bars or orbs of experience or any of that. Everything will depend solely on who you are and what you do with your Fable III life.

Click on over to read more about Fable III and watch this first sneak peak into our next adventure!