I understand that the current story of Fable 2 revolves around another boy (not the same boy from the first Fable though). But I think it would be pretty interesting if the timeline was set around 100 years after the events of the original Fable and you would be able to see how the land of Albion has evolved over the course of a century.
I know this is extremely unlikey to happen but I kind've like the idea of giving the player the ability to load a Fable or Fable: The Lost Chapters save file and the choices you made from the original would transfer to Fable 2 and possibly shape Albion's future.
For instance, say if...
Or...
Then again, I wouldn't mind it if Fable 2 was set in a completely different location to Albion.