I absolutely love using this lesson. We go through all of the elements of narrative writing. While teaching the elements, we create anchor charts to hang around the classsroom for future reference. Then at the end, we use the activity to help students develop their narrative writing skills by being more descriptive. Quite possibly one of my students' favorite writing lessons all year, every year!
It is possible to teach this lesson in one or two days, however, because we make anchor charts and spend a lot of time discussing examples of each element, I usually spend a week on this lesson, with the writing activity occurring on Friday.