Five cute little morality tales. The best part of the book by far was Dumbledore's commentary.
My favorite was Babbity Rabbity and the Cackling Stump (although the title stinks), followed by The Fountain of Fair Fortune.
If you loved the HP books, you'll surely enjoy being back in Harry's world, even if for such a brief time. (Only took me 20 minutes to read.)
The setup for the book needs the stories to be succinct, but I can see how Rowling could have worked each of the fairy tales into at least a novella, if not longer. If they seem simplistic, it is because of the 'scholarly' nature of the book, see beyond the stories to the bigger picture and you too will appreciate Albus Dumbledore even more.