I didn't think this was a ripoff of the Twilight Zone. There are a couple of notable difference between this episodes and the Billy Mumy episode "It's a good life". The boy isn't annoying at all. He's actually likable compared to the boy in Zone. Since this episode was an hour long we do get a lot of character depth. For instance, the boy's parents while well intentioned are much too strict and rigid. The boy likes to do and explore certain things but everything he does, his parents show disapproval (like when he asks to get a dog and they decide against it even though later he does get a dog). Likewise, the start of the episode is in part because the parents don't want to get the boy a puppy so the boy is now focused on the magic shop.
So actually this episode is criticizing parenting in general. The boy's frustrations are something that any kid with strict parents can relate to. Actually I found the boy more likable than the parents. The parents don't seem to have a clue really as to how to be good parents sure they provide for their son but when the time comes to let have fun and independence they look down upon it. Hell there are closeminded really.
No better evidence of this is when the Dad destroys the magic shop looking for his son whose having fun teleporting from one place to another inside it.
This boy is a classic example of parents can cramp a kid's development thus leading the kid to do destructive things which he does when he gets the powers of the magic shop. Actually the boy isn't the only one to see the magic shop, there's a scene where another boy wants to go inside the magic shop too.
There are a couple of nifty effects here like the parents where the boy kills a living pot of flowers with his own hands. Later on he sets of a fire to a nosy neighbor. Another cool scene is when the Dad tries to choke the daylights out of the magic shop owner and he turns into a mannequin right in front of him.
I liked this episode a lot, I would strongly recommend it if you're a fan of the Twilight Zone and Alfred Hitchcock hour.