This is a delightfully whimsical book, and beautifully observed. It has a rare and wonderful quality: it shows compassion for all, including the "baddie"--a greedy, selfish king. The story never condemns him; it simply describes his life, and shows how he is eventually made miserable by his own behaviour. And when he is finally redeemed, it is without any smugness, just with rejoicing that all is finally well. As well as being great fun, this is one of the most gentle and joyful children's books I know.
My four- and six-year old love this book, and it has had many, many rereadings in our house. The illustrations are full of charming, funny details; the Italian-speaking cat has us all wandering around the house saying "non c'e di che" ("don't mention it"): and I particularly like the Wind who, after creating mild havoc with a tempest, says "You do these things in a moment of madness, and then you're left with the mess."
I've probably bought 300-400 children's books in the past few years, and this is definitely one of the best.