I have always appreciated a finely illustrated children's book. Even a story geared towards a child has the ability to transport you to a far off place with magical creatures and fantastic tales if the illustrations are excellent.
One of my favorite children's illustrators is Ruth Sanderson, who also writes or re-tells the stories.
I recently purchased The Snow Princess for Elisabeth as a gift for her birthday next month and it's completely gorgeous and fabulous.
I have yet to see it in person yet, but from what I've seen on-line, I'm in love with her edition of The Twelve Dancing Princesses. As a child, I loved the lesser-known fairy tale and Sanderson's illustrations seem positively enchanting. Unfortunately it's out of print so I suppose I need to scour eBay for a hardcover copy. Here's an example from the book: