If you like falling asleep at the computer, then this is the game for you.
First off, it's hard to call this a story. There is no discernible narrative, other than the knowledge of Little Red Riding Hood that the player brings with them. The interaction with items and special locations is minimal, and your given a confusing bit of story for your troubles. The forest you wander through is repetitive.
It's really just a dull game, that everyone seems to think is a breakthrough in interactive storytelling. As far as I could tell there was no story, and the dull mechanics to drag you through this half a tale were very lacking.
The graphics were stylized, and not very flashy.
The sound was an annoying soundtrack that kept repeating, might be good music for hostage negotiations.