The theming consists of characters printed on the sides of the gondolas.
Most theme parks comission Zamperla to build custom themed gondolas (Pandamonium is a great example), but for this ride Dreamworld have gone with a stock standard and particularly dated design of caged gondolas.
The ride is a stock standard Zamperla Mini Ferris Wheel featuring some fairly uninspiring Play School artwork.
The Play School Wheel has appeared in recent days in ABC Kids Land.