Game director on Fable Legends David Eckelberry has clarified a little how the game will be structured so that it evolves over the course of many years. Episodic content will insure that the narrative isn't forgotten due to a focus on multiplayer.
"The storyline is absolutely there and very important," Eckelberry told IGN. "Of course there's a higher purpose with a broad storyline that combines the various quests. But we tell new stories all the time. That's the beauty of episodic content.
"We don't want Fable Legends to stop when you finish the game. You should think about seasons and episodes. Fable Legends might just be Season One and we can add new quests and stories in the future, in the form of DLC for example."
How exactly Fable Legends will work is still a little mysterious, but it certainly sounds like an ambitious project, and an interesting way to take the franchise forward into next-gen. Hopefully we'll find out more soon.