The story of Little Red Riding Hood comes alive but she is not so little anymore. Scrap off that "little" and she is just Red Riding Hood.
One thing though, the audience would never had seen it coming in terms of who is the werewolf. Valerie also had a sister but she was killed off in the beginning by the werewolf (hopefully it's not Jacob although the movie started with a very Twilight feel-theme) Valerie can be seen in almost every scene with either the lumberjack, Peter or Henry, the blacksmith. Peter would push her off on the bed of leaves and she would breathe and pant heavily. If she had her way, she would had raped Peter. This Red Riding Hood, one hell of a lustful one.
Bear in mind when you watch this movie, forget everything you know bout the story of Little Red Riding Hood. THAT story is only inserted during the last half hour of the show. Other than that, it's Twilight-ish.