Sheesh i wonder if people ask these questions knowing there's practically nothing like Fable 1-2 (or for the other popular one - TES style games)
Try Overlord, If that does not do it for you... Sorry you better wait for Fable 3 guy.
Don't bother With Morrowind on 360, get it for computer (oblivion for 360 is a downgrade also but it's at least much more playable than it's sibling in console form)
If you crave graphics for Morrowind there are ton's of mods that should do the job in getting it to about (or close) where Oblivion is.
Anyway that's not a recommendation on Morrowind, the game is awesome but I'm just following up on what the last guy said... Morrowind is a lot like Oblivion but that's to be expected since Morrowind is the base for Oblivion... Now some of the changes in oblivion are amazing but some are outright annoying - Morrowind does not make every npc scale to your level making every fight an epic battle which allows you some time to explore and enjoy the game instead of playing through 10 minute filler fights between every minute of travel...