'Pinocchio and Other Stories' offer traditional fairy-tales, without any contemporary embellishments, nicely narrated. The fact that its Stephen Mangan and Tamsin Greig reading the stories is probably useful as a marketing tool for the producers, but of limited additional value to listeners. They both do a decent job telling the tales, but neither brings anything particularly special to the stories they recount. I'd also doubt that the target audience of young children will really care if actors from TV's Green Wing and Black Books and Radio's The Archers are reading the stories.
When it comes to target audiences I would suggest that Pinocchio and Other Stories is really aimed at children of three or over. My son of 2 years, 8 months was left pretty much cold by the CD, with the stories lack of musical cues and the length of some of the tales. These are not cut-down or simplified versions, and they don't skip some of the stories darker aspects.
So overall a solidly produced, well told series of fairy tales. Nothing spectacular but competently put together.