Microsoft’s Peter Molyneux has just taken to the stage at Microsoft’s supposedly low-key presentation at Gamescom in Cologne to announce the third chapter in its accessible RPG series Fable.

“The third child is always the problem child,” Molyneux has told the audience. “The third game of any series tends to be a bit of a lull. We want people to expect the unexpected.

“Fable III will be new, fresh and different. I think there’s something fundamentally wrong with RPGs like Fable. The mechanics have been around since the ‘80s. I’m going to take that foundation and throw it away.”

A teaser trailer for the game claims that players will have the chance to rule Albion, the traditional homeland of Fable, in the new title. “I want players to feel and experience what it’s like to be a ruler,” Molyneux expanded.

The early levels will see players overthrow the current ruler, from which point on they take control of the land. They will be free to share Albion's wealth with the people, thus eradicating poverty, or hoarding for themselves and becoming a tyrant.

Fable III is due out some time toward the end of 2010.

In addition, Molyneux confirmed that Microsoft is to re-release Fable II in five episodic chunks that can be downloaded individually. Episodic gaming is becoming increasingly common, and stems from the fact that few players ever complete games. Going episodic allows gamers to only pay for what play.

All five parts of Fable Episodic will be released on September 29th.