Meh....
Imagine watching a movie that is "ok", but then having to watch it four times in a row - you would probably feel Hoodwinked...
Hoodwinked is based on a mocked up version of the story of Little Red Riding Hood, but as told one by one from the perspective of each of the main characters (the Wolf, Red, Grandma, and the axe man). As each tells their story, you get the might have been amusing difference in perspective, but you also get the same core story all over again. You start off with one that is tolerable, but, with the exception of an occassional laugh, is pretty much the same story the 2nd, 3rd, and 4th times until you just can't bear it anymore and wish you could disappear much as Grandma did.
This was a thumbs down for me, and also fails what I like to call "the kid test." If my daughter sees advertisements for the video and says "We saw that" instead of "Daddy I want that!", well, you get the picture....