You know what we need? I'm thinking Ashton Kutcher as Cinderella, and Eddie Izzard as the evil stepmother. I'm not sure about both ugly stepsisters, but one of them should be Antonio Banderas. In drag, yes, but in none of these cases should the drag be even slightly convincing.
Maybe Drew Barrymore could be Prince Charming this time. She'd look cute with Ashton -- I think he'd keep the stubble, but their attitudes would make it clear that she was on top.