There's not a whole lot of twist in this retold tale -- and of course FTT doesn't tend to change much. However, it is a solid entry in the FTT lineup. I like the interplay between Cinderella and her Godmother, and Cinderella blooms in that relationship more than she does with the prince, eventually learning to tease her Fairy Godmother back.
And I do rather enjoy the comeuppance that the stepmother and stepsisters receive, which is much more on the funny side of the line than the horrifying. FTT doesn't go so far back to the source material that the stepsisters are blinded by birds at the end, but it doesn't let them get away without repercussions, either.
This is a good introductory entry for FTT if you haven't seen any episodes and are curious about the show's general quality. It doesn't stand out for me, particular, in any way -- especially with as many different versions of Cinderella as there are -- but it's a well done episode and on that note, there is hardly anyone who isn't familiar with the basic Cinderella storyline so it's a good one to get an idea of the show from.
You can watch it for free on hulu.