I don't see anything wrong with older stuff. Would be fine with me if we went back to Hook Coast or Witchwood or the areas to the North from TLC.
Although I wouldn't mind seeing Samarkand and visiting Garth's descendents. Especially considering that Fable follows the story of the Hero of Oakvale, I would like to see more of the older content.
And I miss Lady Grey
Lionhead tried to create a female interest in Whisper/Hammer/Elise...but really, who cares? Elvira Grey was to greatest female character they created because YOU DON'T MATTER. You are not the greatest hero of all time, Thunder is. And even Briar Rose is ahead of you! Hell, even the Guildmaster has a better chance! You suck!
Fast-forward to Fable III and you're the greatest thing since sliced bread. Please bring back the grandiose feel for Fable IV.
Yes, it's great to be powerful. But power is insignificant if there is nothing to measure it against.