It's a hack-n-slash game, kids. There is nothing else...enjoy the carnage or go back to your FPS.
Fairytale fights puts you in control of four characters (Little Red Riding Hood, Snow White, Naked Emperor, and Jack(without the beanstalk) as they battle their way through a myriad of intricate mazes doing battle with a Fairytale character gone horribly bad. Along the way you're graced with 140 different weapons to inflict damage on the endless horde of baddies coming at you.
The gameplay itself is also a tad like the LEGO adventure series, where you'll be hacking and slashing...and subsequently DYING a lot. There is no set number of lives or continues so you will finish the game, but just like LEGO you'll lose coinage after each death.
The only negative point I can give is the depth perception. While the game is by all accounts linear(point A to point B), you'll still find yourself going in all directions, which means a lot of falling and losing weapons. But since you can grab another weapon down the road you shouldn't be crying that you lost your cherished wooden chainsaw.
In a nutshell, if you like hack and slash games like Gauntlet you are going to love this game. If you're stuck on FPS multiplayer games like CCS, Team Fortress, etc, you're going to think this is stupid and inane. But for its cheap price it's a fun little bloodsport to play with friends.
Did I mention the blood is awesome?