I have played it, but not all the way through, third child being imminent and all. It does not live up to the hype. But it is one of the best games of this genre I have played. The game is gorgeous and the side quests make up for fairly short main game. It is not really open ended which I feel was the best draw. But a Fable2 is imminent, and on the next box, so I am hoping that everything that was promised content wise and online will be available.
It is worth a $30 price tag. Not as good as KOTOR but more manageable then Morrowind. If you have a week of non-work or other distractions you can rent it and finish 90% of the total game.