I don't know if I have more to say about yet, but Pan's Labyrinth is not only the best of the 2006 movies I've seen, but simply one of the greatest movies I've ever seen.
I've argued the greatness of Guillermo del Toro's previous two Spanish language films, Cronos and The Devil's Backbone, but this is an enormous step even past those previous landmarks.
Jim Emerson's review does an excellent job capturing some part of what makes it work without offering too much information.
This is an astounding and powerful movie. I think I'll need time to absorb it, and possibly another viewing, before I can write anything more than that.