According to Xbox.com Fable Heroes will be coming soon from Microsoft Studios and Lionhead Studios to Xbox 360's LIVE Arcade! It's definitely not a full fledged Fable game but it looks pretty interesting and I'm sure it'll make for a worthwhile download!
"Fable Heroes is a fresh spin on the beloved Fable franchise in which up to 4 players play both cooperatively and competitively in this hack-and-slash adventure. Work together as heroes of Albion to defeat familiar foes and new enemies while collecting as many gold coins as possible to unlock upgrades, characters, and items in both this game and Fable: The Journey for Kinect for Xbox 360." - Xbox.com