This is the classic story- illustrated so that children may fully appriciate its humor.
This was the first (of well over 1000) read-alouds I have done, I read it for a second-grade class that I was familiar with, but when I got toward the end, with the picture of the emporer from behind, totally naked, the class wouldn't stop giggling (my impression was that it was mostly the boys), and I had to stop. Now I see why they have a penguin or a dinosaur in the title role most of the time.
Beautiful illustrations. The weavers' job apparently did not include making invisible underwear.
It's at about a 2nd grade reading level, but the problem with this story is the kids 2nd grade and under spend all their time on the pages with the character without clothes. Better reading "The Emperor Penguin's..." or the Dinosaur Emperor's.... to the young ones.