Microsoft announced Flight, a new game set to launch on Games For Windows Live later this year. It's not part of the Flight Simulator series, it offers to bring "a new perspective":
Twenty-eight years after the debut of “Microsoft Flight Simulator 1.0,” Microsoft Game Studios also announced the internal development of “Microsoft Flight,” a new Windows exclusive. “Microsoft Flight” will bring a new perspective to the long-standing genre, welcoming everyone, including long-time fans, to experience the magic of flight.
A teaser of the future of Flight on the Windows-based PC is available at http://www.microsoft.com/games/flight.
The press release also contains some info about Fable III for Games for Windows - LIVE:
“Fable III” for Windows lets you once again join the action, drama and adventure while you rule Albion as the next king or queen in an ever-evolving world of rebellion and revolution. Discover new quests and unlock new regions as you make choices and sacrifices to test your morality and potentially affect your entire kingdom. The choice is yours: reunite the impoverished people of your kingdom as their monarch, or bring Albion to the brink of collapse.