Fairy bread is so popular in Australia. I'm not sure why it hasn't become popular in the States yet.
It is very easy to make this treat, but it's important to pay attention to a few things. First of all, white American bread should be used. Secondly, the crusts should be cut and removed. Fairy bread looks much better without the crusts, it looks more like cake. Thirdly, the butter should be sweet butter (or margarine). The salty variety should be avoided.
I like to cut my fairy bread after sprinkling the candy sprinkles. It's easier to cut that way and I usually use a pizza cutter for convenience.