This is such a wonderful version of the classic story.
When I was looking for a copy of this classic tale, I wanted to know about the ending. Thankfully, this is NOT the more gruesome ending where the wolf eats Little Red and Grandma and the woodcarvers chop the wolf open. My daughter is only 2, and aside from this not making sense that the victims are still alive after the wolf eats them, it's a little inappropriate for this age group (the part about chopping the wolf open). Instead, the wolf puts grandma in the closet to "save her for later". The best part is that the cape almost seems to represent a super-hero type or magical properties ("She leaped away, light as a leaf in her cherry red cape").
This version has a more elaborate, sweeter beginning than the version I grew up with, which merely jumped right into Little Red Riding Hood leaving for the path to Grandma's house. It begins with Grandma sewing the red cape for Little Red Riding Hood because her Grandma enjoyed her visits with her granddaughter. It then goes on to explain how she wore the cape so often that this is how she got her nickname. This emphasizes the importance of special family relationships.
The illustrations are absolutely gorgeous, yet simple enough for the very young child. One element that I especially enjoyed is that the nightgown the wolf wears (Grandma's nightgown) has sheep print on it. Besides adding humor, this adds the element of foreshadowing (hint, hint!).
Of course, the moral of the story remains the same. Leaving the path will always lead to trouble.