I think you're right, Kaijima, and I completely agree. In fact, there is evidence out there to support your explanation - Molyneux has admitted before that he often talks to the press about wonderous game features which don't actually exist, in the hopes that it'll put more pressure on the team, or motivate them more, to get them into the game. A risky approach, imo, which has now backfired twice - B&W and Fable. B&W was a decent enough game, and Fable appears to be also, but they are victims of their own hype. Usually when this happens, it is the fault of the fans, and their own self-generated expectations and hype, but in this case, it is completely the developers fault, IMO, and I have absolutely no sympathy.
I was very cautious approaching Fable after B&W, and I'm now glad I was, as I'll probably be in a good position to enjoy the game for what it is, unlike many who may have expected too much. Molyneux now, IMO, has a deserved reputation for over-talking his games. Don't fall for it next time - just sit back and wait for the game to be released, and fingers crossed it'll be good (as they usually are).