Because I figured everyone else would do the Monty Python version...

Ah, leave it to the classics to give us something original! Many takes on the Red Riding Hood fairytale seek to upend the predator-prey dynamics of the story by giving the girl herself considerable power, whether it be intellectual, sexual (as in today’s movie), or physical (as in the Thurber version). This version keeps Red Riding Hood as “little” as she’s ever been, with absolutely no hint of sexualization and only a serendipitous sort of evasive skill. In other words, she’s completely boring, and so the cartoon quite rightly derives all its entertainment from updating our conception of the wolf. (The fact that there are two “wolves” actually doesn’t create as big a change as one would expect.) Instead of the cunning and ravenous beast to whom we are accustomed (and who easily makes the metaphorical jump to a lusty male), we have a cranky, bumbling oaf with conspicuous memory issues (a.k.a., a funny character!). Since the audience’s moral radar is barely engaged, our dramatic sympathies are allowed to stick with the bad guys; we laugh at their failures, yes, but with no more ill-intent than that of new pet owners watching their puppy try to climb stairs for the first time. This unique perspective on the tale produces a better story (in my opinion, of course), but at the cost of losing any real moral implications or serious metaphorical readings.
Another interesting change is that the hand of retribution works not through RRH or the huntsman but through the rather pathetic granny character, who capitalizes on her lack of being eaten by serving both Sylvester and the Big Bad Wolf a well-timed pow, right in the kisser. Granny has had to endure a long tradition of disappearing for most (if not all) of the story after the wolf shows up at her house, so it’s nice to see her get to mete out some justice.