Fans have been arguing the relative merits of Fables on the Internet since almost before there was an Internet. Before there were web sites and forums, there were Usenet news groups. And before there were Usenet news groups, there were mailing lists. The R.E.M. mailing list came out of a list server from MIT, I believe, and it was called Murmurs. Back in '89 or '90, a raging flamewar over Fables took place on that mailing list, and the echoes of it would be seen years later in people's .signature files. In that spirit, I'll just say
FABLES RULES!
(Yes, I'm ancient, at least in Internet terms.)
Also, New Adventures in Hi-Fi is a vastly underappreciated album. I urge anyone who thinks it's "meh" to give it another listen. It's the perfect anti-pop album, and I think it's maybe R.E.M.'s best post-'80s album. I won't defend any of R.E.M.'s albums that came after it (although I think they each have a bright spot or two), but I'll defend that album with my dying breath.
As for the new album, I'm pretty excited about it. What I've heard of it has been very good, better than their recent albums. I'm not too crazy about "Supernatural Superserious", but "Living Well Is the Best Revenge" kicks ass. I love the Vincent Moon video.