Pan's Labyrinth, written and directed by Guillermo del Toro, is one of the most fantastic films that I've seen in recent memory. From it's striking opening sequence, which had me wishing that I spoke Spanish to avoid the distraction of the subtitles, through the very end, the visuals utilized were incredibly effective. The storyline was unique... I described the film to friends as "a dark fantasy set against the backdrop of historical wartime, with dramatic themes tending towards classic horror." I absolutely loved this film and have already recommended it to friends.
del Toro has directed a variety of films. I knew about Hellboy (and the upcoming Hellboy 2). The Devil's Backbone (which I've heard is thematically similar to Pan's Labyrinth, down to setting it during Franco Spain) is something that I'm looking forward to (whenever it comes up in my NetFlix queue). He's also done Blade II and Mimic (the last of which I found somewhat surprising).
del Toro is a madman. This film kicks so much ass.