The Russian word "skazka" (plural: skazki) has no real Western equivalent. Basically, it's a free-standing romantic piano piece, not quite a sonata, but a little bit more, sometimes quite a bit more, than an etude. Medtner structured these in sets of 2-6 movements. They are beautiful pieces: tonal, complex, melodic, and thematic. Let me put it like this: no lover of great piano music is going to be disappointed when listening to these two discs, both of which are generously filled with about 78 minutes of music each.
Two things to mention: first, Hamish Milne is an incredible pianist. You can read his bio at http://www.hamishmilne.com/, or at the Hyperion Records web site, but while listening to his performances here one can only reflect on the fact that great pianistic talent is not limited to the Brendels, Pollinis, Andsneses, and Hamelins of the world. Artists like Milne are working away and making great discs like this, and they should be supported, and applauded, for their efforts.
Second, my own humble opinion is that Hyperion Records is the best classical label in the world today, not only for their embrace of out-of-the-mainstream repertoire, or their devotion to spectacularly natural recorded sound (in all of the 200+ Hyperion discs I have, not one is anything less than stellar in that department), but for their excellent customer service. My example: I purchased the Complete Piano Music of Rachmaninov, an 8-disc Hyperion set performed by Howard Shelley (and fantastic, by the way). When the set arrived from Amazon, disc #3 (and its sleeve) was missing from the box. Reluctant to return the box to Amazon, I called Hyperion in London, and was connected to one of their execs, Mike Spring, who arranged to have the missing disc and sleeve sent to me immediately. I had the disc in a week's time. Now that is customer service.
The Medtner Complete Skazki is an important addition to the recorded classical legacy, and I have no hesitation recommending that you purchase it as soon as possible and listen with great pleasure.