I’m not familiar with Del Toro, or Pan’s Labrinth, but the LOTR fans from theonering.net have been pretty excited about this.
I guess it depends on what someone considers entertaining. Pan’s Labyrinth was well crafted and integrated the fantasy well. It had a very stylish look (dark, depressing and with a muted color pallete), the look fit. It’s the ham handed propaganda and ugly story line that got to me. Hopefully he will brighten up his style and won’t fiddle with Tolkien too much.