Well, I wasn't a big fan of Pan's Labyrinth. The initial word/review that I got of it said it was a fantastic horror film, but when I watched it - it was nowhere near what I expected. So that was a bit of a downer for me, and even tho the film is beautiful, my expectations were for something else, so my opinion of the film suffered for it.
That said, Del Torro has one of the craziest imaginations I've seen, at least outside of Japan (because if you're not a fan of Japanese film at this point, you don't know what you're missing). The creatures he created for HB2 (and PL) are quite simply amazing. Actually, the one creature that appears near the end of HB2 actually reminded me a LOT of the creature in PL.
But yeah, after watching these two films, I'm curious to see how much he can Del Torrify "The Hobbit" and get away with it, yet still remain true to it's roots.