The significance of the rose corsage was the fact that it was the piece that girls use for such events like prom, which is where Frankie wanted Will to ask her too. Another significant part was that it was not just any normal; boring wrist corsage but it was a magic corsage where you only get three wishes out of it. Almost like a genie in a bottle, except for the fact that nothing too good resulted when you used it to make a wish.
The fortuneteller did not really seem like she wanted to specifically tell them what her three wishes were. Giving them the hint that she did not have much luck with her wishes, asking them if it looked like she needed anymore wishes. She had mentioned that a peasant French woman had casted a spell upon the corsage and she had 3 wishes and her 3rd wish was for death. The fortuneteller had warned them about nothing good comes from the wishes you making by saying “But I’m telling you, no good will come out of it.” So she had made it obvious that she had had a bad experience with her wishes.
There are vampires, vampire slayers, fortunetellers, evil scientist and a corsage that grants your wishes. This story is very well a modern day fairytale. From casting spells on objects, to having the perfect prom date, even though she did not get the perfect from date hers was mangled and dead. The story has quite a bit of witchcraft involved, resulting in a modern day fairytale.