I dunno, the original was quite scary too especially when the Coachman's face turned devilish, that scared the crap out of me when i was little but would always duck down whenever that scene was about to show. Yeh this movie was scary and so was Disney's "Snow White and The Seven Dwarfs" when the queen turned into the witch, was anyone else spooked by the scene where Puppetino changes Pinocchio back into a puppet? that scene shocked me when i first saw this in theaters and ever since, everytime i rented this movie and the scene was about to come, i would run out of the room until the scene was over, Note: i was 5 at the time i saw this in theaters.
There have been plenty of scary kid movies too such as "The Dark Crystal", "Secret of NIMH", "Return to Oz", "Willy Wonka", "The Last Unicorn", "Watership Down", "Black Cauldron" and this is a good example. Sure blows the hell out of Filmation's other fairy tale sequel "Happily Ever After" which sucked but i gotta admit Snow White was hot in that movie but "Pinocchio and The Emperor of the Night" succeeded where "Happily Ever" failed.