The story starts you off in a town known as Taleville, where you can choose to play as either Little Red Riding Hood, Snow White, Jack from Jack and the Beanstalk, or the naked emperor. Whichever character you choose has been forgotten from their particular story, and so needs to start off again fresh in order to regain their fame. Despite the large number of classic story references that are involved, the story itself is extremely thin, and won't do much to keep you wanting to adventure.
One of the reasons for this is that there is no worthwhile goal that needs to be sought after as the characters. Sure, you'll gather money from chests and enemies you've defeated. But that money just goes to building a statue of you in the town, so not gaining much of it isn't that big of a deal. Also, when you die, you lose a portion of the money you earned in that level, so there really isn't any penalty for dying. That's probably a good thing, because the gameplay will see you dying a lot.
The way combat is executed in this game is with the right thumbstick. To attack, move the thumbstick in any direction. To execute another attack, move it a different direction. Combos come from moving it wildly around, pulling off attack moves that you don't feel connected to as if you actually pulled off the move. To charge up, merely hold the thumbstick one way, and quickly push it the other. The combat is extraordinarily easy, and with no method to target enemies, you'll continually find yourself just smashing your way into their midst. There are ranged weapons too, but the lack of targeting hurts that capability more even than melee.
The game might primarily involve attacking wave upon wave of enemies, but there is a platforming aspect as well. There are lots of jumps over blades or onto platforms that are moving, but the controls aren't precise enough to make these very easy. The camera, too, stays too far back to make it easy to time your jumps, resulting in simple mistakes that no real storybook character would make.
One of the main draws of the game has to be its goriness. There are tons of weapons around that can inflict enormous wounds on your enemies, often times spilling gallons of cartoon blood all over the place, which characters can actually skate on. There's also a thing called a Glory Attack that allows you to dismember an enemy with input from the thumbsticks.
Despite all the gore that will be brought out by an adventure through Fairytale Fights, it's not enough. Shallow gameplay and an uninvolved story that happens to go on for 22 levels are just not enough to make it worth a gamer's time.