Before I met my wife, I was in Boston in 1999, and Neil Gaiman read the audience, a room full of adults, this story. Now that I am a parent, my daughters love the story because it is *SO* much fun to read. It has a brave little girl (Which is rare, no princesses) silly sounds and a plot so strange, that your child would never be scared of the wolves coming out of the walls. The art is fabulous, as it breaks pre-held conceptions of children's book art and graphic design.
This book is scary and too violent for young children. The "jam" the wolves are eating looks like blood, and I'm sure the author intended it to be that way.