***UPDATE***
Seems it was finally fixed.
If you click the link, it (finally) appears as 'Fable II Episode I'.
Now here's the kicker.
Basically, if you downloaded it already, you have the full game.
If you add it to the queue (now) or go to your Download/Purchase History, even when it says 'Full Game' on the description; when you click on it it takes you to the Episode I download page.
So yeah. As long as you have it on your HDD/USB, you have a "free copy" of Fable II. Otherwise, is just the demo.
At least in the US, maybe people from other regions can check and post their results.
So, in summary:
- If you didn't dowloaded the full game and just added it to the purchase history it will be a demo; at least in the US.
- If you erase it and try to download it later, you will just download Episode I.