The huge new big wheel whirring yards from the entrance to Milton Keynes Theatre might seem an entertainment draw so powerful as to 'upstage' the pantomime Cinderella taking place inside. Almost but not quite: for after watching its revolutions with giddy excitement for some minutes, I passed into the stalls for a thrilling ride of the imagination that proved even more appealing and far less frightening.

Well-established as purveryors of top-quality panto, MK has done it again with a hugely entertakining production from First Family Entertainment and director Kevin Wood. The warmly traditional show is lavishly costumed and gloriously musical, and boasts a star performance from Bradley Walsh - amid a feast of other great turns - that is truly sensational. In his portrayal of Cinders's loyal swain Buttons, he offers something of the cheeky chappy persona he brought to his role as Coronation Street's Danny Baldwin. Much more, though, we see his well-practised skill in winning over and holding an audience, techniques clearly developed in his days as a stand-up comedian.

His rivals in laughter-making are Roger Kitter and David Langham as the Ugly Sisters, here called Trinny and Susannah. The joke, of course, is that their sartorial extravagancies are as far as could be (one hopes!) from the fashions favoured by the BBC1 style gurus of the same names. One (Suzannah) is tall and beanpole thin and the other is much closer to the ground. Their garments (designer Terry Parsons) trade cleverly on this mismatch, as the two parade ever more outrageous outfits.

While being funny, they are also extremely nasty - to poor Cinders (Laura Hamilton) especially. But she, of course, has right on her side, with Kacey Ainsworth's Fairy Godmother working flat out to ensure that she will get to the ball and will meet her Prince Charming (George Wood, pictured with her ). The transformation scene- featuring two of the cutest white ponies - is as affecting as any I had seen in five decades of panto-going. If there was a dry eye in the house, it certainly wasn't mine.

Cinderella continues until January 21. Box office 0870 060 6652.