So literally the only effect fable 2 has on fable 3 is if they call your parent hero 'Mother' or 'Father'. Doesn't really seem worth it? Definately not worth mentioning as your previous game effecting this one.
There might be more. In the quests that involve Sam and Max, if your hero in Fable II saved them, their mother will make a reference to it.
I think it would have been nice to see more little things like that. Or heck, two different types of Albion depending on whether you were good or evil. A reference to what choice your Fable II character made at the end would have been nice too, then we could of had the reference to Rose.