For a different take on Little Red Riding Hood, there is 'The Path'. "Go to Grandmother's House and don't stray from the Path". A slow, paced, interactive horror/coming of age experience (not quite a game): http://grandmothers-house.net/
I wonder if this will be more similiar to future fairy tales. More and more kids grow up with computers and video games and are completely aware of multiple levels of learning and seeing things.