Enchanted Serenity of Period Films: Once Upon a Time

A fairytale themed series is in development for ABC from two of the writers of Lost -Edward Kitsis and Adam Horowitz.

UPDATE:
Ginnifer Godwin has been cast as Snow White//Sister Mary Margaret Blanchard
Lana Parrilla will play Mayor Regina/Evil Queen

From Vulture:
"Once Upon a Time (on which Damon Lindelof is also consulting) has a twisty, dual-plotted premise reminiscent of their previous gig: A young boy lives in Storybrooke, Maine, where he's convinced things aren't what they seem, and we also get glimpses — through flashbacks? flash-sideways? — of a fairy tale land where familiar evil queens and dwarves with sharply drawn personalities are quite real."

What is Once Upon a Time about?
Kitsis: What we want to do is take a look at well-known characters and stories and kind of dig deeper than what you know, and say, "Here's what you didn't know." We want to try to bring [the characters] out as people instead of just metaphors to deal with our fears
Horowitz: For us, first and foremost, this is a character show. We want to take the iconography that we've always loved and find find a new way to look at what makes these fairy-tale characters tick.