We present a new sample of 25 fossil groups (FGs) at z < 0.1, along with a control sample of seventeen bright ellipticals located in non-fossil systems. Both the global properties of FGs (e.g. X-ray luminosity) as well as the photometric properties (i.e. isophotal shape parameter, a4) and spectroscopic parameters (e.g. the alpha-enhancement) of their first-ranked ellipticals are consistent with those of the control sample. This result favors a scenario where FGs are not a distinct class of systems, but rather a common phase in the life of galaxy groups. We also find no evidence for an evolutionary sequence explaining the formation of galaxies in fossil systems through the merging of galaxies in compact groups.