Played this yesterday, and it was an absolute blast. I couldn't prep anything, but the character and school creation, the prompts for the GM and the questions gave me so much to built on top, it was an easy to run session. 

I also had the best charakter names ever in my group: Quäks-a-lot, an easily distracted duck, that enjoyed sounds very much. Sir Hazel-a-Nut a squirrel that was looking for it's misplaced zylinder.

My players wanted to played part 2 of our imaginary TV-Series right away. I'm very sure magical pets will be on my table again, quite soon.