Ms Leslie Ann's Life in First Grade blog with the idea, which I just modified. Hers is much better, I must add.
The students, even the boys, in KM are pretty obsessed with fairy tales. We talked about elements that all fairy tales have, such as villains, love, magic etc. We also discussed the common beginning 'Once upon a time' and ending 'happily ever after'; a concept they have really latched onto. If I read a story that starts with 'Once upon a time', they say "That sounds like a fairytale to me!" And one child in particular likes to add 'happily ever after' on the end of ever story I read, ranging from The Adventures of Spot, to Avocado Baby. It is endearingly exasperating.
The craft is made from strips of colourful wrapping paper, bought for 50c a piece from the Reject Shop. I provided them with the bed template and they drew a pea and their princess. I think they look great! It is a good idea to read them not only The Princess and the Pea, but also The Princess and the Bowling Ball (part of The Stinky Cheese Man and Other Fairly Stupid Tales book, by Jon Scieszka and Lane Smith ) for a comparison.