I've only played about an hour of it, but hopefully I'll get to it later on. From what little I have played it does remind of a futuristic Oblivion, then I haven't played 1 or 2 so i can't make any comparisons there. You can switch between first and third person, but the third person is more over the shoulder and angled down, rather than Oblivion's directly behind. Interacting with NPCs is the same as Oblivion too, with multiple choice responses available. Use of weapons and close combat seems exactly the same to me too. Maybe Inky can shed more light on it for now. I'm getting started on Fable 2, need to just pick one and stick with it for a change.