What do you think game developers did PRIOR to Microsoft and their DLC? They didn't gut out any content! What you saw was what you got and nine times out of ten it was more than you could have ever hoped for. Nowadays, they take out large chunks of the game and put it in the form of DLC and expect you to pay an extra $10 or more on top of the $50 - $60 you paid for the game itself. That's highway robbery especially when the economy is doing so poorly right now.
Actually, no, this game would be an even bigger disappointment if there were no plans on releasing any DLC to include the missing dyes, the lack of variety in clothing, etc. Actually, we can EASILY complain about his promises. You don't make a promise to someone then break it and expect them to be perfectly happy because of it. There's a difference between getting "overexcited" and telling your loyal fans about all the content you put in the game only to have us find out otherwise after spending so much money on it.
Prior to DLC we got what we got, and needed to be happy with it. Anything developers wanted to add later? Too late, unless they wanted to make an expansion pack. I find it humorous, too, that you say "large chunks" of the game were taken out. Supposing that ALL of the DLC was originally part of the game, which I doubt, it was in no way a large chunk. All of it was extra stuff, only one thing was a new region...with what, one or two quests? Sorry, but that's nothing major.
Would this game really be a disappointment without DLC? Hardly. If it would be, then you should not even play it. What we got with Fable 3 was definitely the core of the game--if that does not satisfy you, then obviously the game isn't for you. Also, you realize that there is plenty of variety with the in-game clothes, and that the planned releases are obviously extras, as they otherwise have no basis in the game. See highlanders? nope. See Industrial Knights? nope. I think you can see where this is going.
Finally, about the promises. Yes, you can complain about them...but my point was that there is NO POINT in either complaining or being let down by PM. Making outrageous promises is just what he does. Is it a good thing? No, in fact, he should probably be reigned in, but at the same time, you are ignorant if you don't realize that you should take everything he says with a grain of salt, sad but true. Heck, just go and look and what he was saying would be included in the first Fable. If you were a loyal fan of the series, you would realize this.