I re-read Pinocchio with my (bilingual) kids a couple years ago, and I think this article is spot on for some things: it is a bit more weird then I remembered, the Italian reads almost contemporary (except for a few turn of phrases and odd terms), and it has a strong pacing.

Also, definitely likely you will remember some abridged version or Disneys'.

I'm not convinced of the argument that it's making fun of contemporary children books: Pinocchio regularly misbehaves and gets punished for it, which seems pretty much in line with contemporary books.