You read that title correctly, Fable Legends was announced to be a free to play game today from Lionhead Studios and Microsoft. It will be free to play on both the Xbox One and on Windows 10.

So what does free to play mean for Fable Legends? To help explain our approach to free to play, we’ve laid out three clear commitments:

OPEN
You’ll be able to play Fable Legends from beginning-to-end without spending a penny. That means you’ll have access to the entirety of Fable Legends’ storyline and all of the quests we release this year and forever.

FAIR
Everything in Fable Legends that affects gameplay can be earned by simply playing the game.

GENEROUS
Our goal is to have a happy community of players. We’ll be updating the game with exciting new quests to play through, Heroes to play as, Villain creatures to control, and lots more.

Lionhead continues on to explain how the game will work as a F2P title. They note that while playing, you will earn Silver. Silver is the in-game currency that is used to buy pretty much anything. If you want a shortcut, you can purchase Gold for real world money, which can then be used to purchase in-game items that are also available for Silver.

Unless they change or add how things are handled in the game, that really doesn't sound all that bad as far as F2P is concerned. They have a full FAQ up for what to expect on the F2P aspect.