Parodying famous stories/fairy-tales is not a novel premise in animation. Neither is telling it from the point of view from another character where they justify their actions and motivations, seeing a different side to what we already know. Will admit though that that doesn't bother me exactly actually, have always liked fairy-tale parodies in animation done by great animation directors (i.e. Chuck Jones, Tex Avery, Friz Freleng) and when a famous story is told from a different viewpoint.
In the case for 'The Turn-Tale Wolf', it is the oft-told story of 'The Three Little Pigs'. Told from the viewpoint of the Big Bad Wolf in narrative form to another character (his nephew), another kind of plot that is not new but when well executed it doesn't matter. 'The Turn-Tale Wolf' does the fairy-tale parodying, point of view and narrative form very well indeed, in a way that really entertains and it was interesting to see The Big Bad Wolf and the three little pigs painted in a different light. As well as seeing something different other than different point of view takes on Mother Goose's nursery rhymes and 'Little Red Riding Hood'.
'The Turn-Tale Wolf's' moments between The Big Bad Wolf and the nephew is not as compelling as when the former is telling his story.
Also think that that aspect would have better if the nephew was easier to root for, would have liked more personality from him and he's a little annoying.
Cannot say that for The Big Bad Wolf, who is a very interesting and amusing character that 'The Turn-Tale Wolf' does well in painting him as not being the guilty party was somehow buyable contrary to popular belief. He has great rapport with the pigs, also showing a side different to usual (never seen them painted in a sadistic light) in keeping with the plotting, both entertaining and suspenseful. This take on the story felt fresh and was inventively handled.
Gags are many and they range from amusing to hilarious, the wit of the dialogue was fun too. The animation is not elaborate and the drawing doesn't always have finesse but is bright and colourful with meticulous attention to detail. Carl Stalling's music is typically lush and characterful with the ability to enhance the action, one of the best in the business at the time for that. Mel Blanc's voice work is very individual and full of versatility and enthusiasm.
Summing up, very good. 8/10