This reads like the emo version of Fables, another series that tells new stories with known characters (albeit in re-imaginated form) from various fictional sources. Instead of taking place in the real world (like most of Fables did), this takes place in some fantasy world that is made up of different fantasy worlds from fiction (the world of Alice in Wonderland, the magic Land of Oz, etc.). Just to mention it, I dislike Fables as well, but what annoys me about Lullaby is quite different from what annoys me about Fables. The overall plot moves at glacial speed, if you can tell it a plot at all. Each mini series has a mini plot that gets finished, but when you look at both series, you’ll feel like you’ve just read the preliminaries.
Then there’s the annoying tendency of the writers to clatter every page with thought boxes, that detail the musings of nearly every main character. Neither are they really interesting nor do much for the story nor do they give the characters much depth, all you feel is that nearly every character is emo or slightly stupid and all seem to talk with the same voice in their mind. It also makes me feel like what the writers really wanted to do is write prose fiction instead of making a comic, but that’s how they stuck and so the reader has to suffer through their overblown word balloons of heated air.