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I actually ended up liking this book more than the original novel. I have never been a huge fan of the Oz series. I've always had kind of a weird relationship with them; I'm intrigued by the ideas and characters, but I just don't like them (and I can't stand Dorothy). But I do enjoy various retellings.
I really liked this book. It perfectly combines Baum's original text with all-new, fabulous artwork. I loved the revamp of the characters. I especially enjoyed the artwork. I really like Young's interesting, slightly grotesque style. Very well done.
The text does stick to the original story (and all it's gruesome details). This means that the book can get a little violent at times such as the Tin Man killing a cat with his ax to rescue a mouse, the Tin Man decapitating wolves (the Tin Man is surprisingly violent), and the Scarecrow wringing the necks of birds. These things happen in the original so they happen here. Young's artwork is not overly bloody or gory, but there is only so much one can do when illustrating such a story. This is not a criticism of the book, but a warning to parents who may want to give this book to their kids too soon.
Overall, a very good adaptation of the original Oz story.