I rather like the premise of all this. Magic that involves turning drawings into reality? A magical girl-esque motif? A fairly dark spin to everything? Pretty interesting overall. Not entirely sure what's up with all the panty shots on Red Riding Hood, but they don't seem all that sexualized so it's not that bad I suppose. Shows how coarse a person she is, I guess?
Wakaba is all heart though and I think she'll carry the series in terms of character. I'm always a sucker for these kinds of characters, especially when they go through their weak willed arc early on and overcome it quickly. The bits with the balloons were nicely done as well. I hope she saves Thumbelina soon cause that man was super creepy.