Just watched this. Visually? Stunning. Well directed, good performances. Very nice effects and creature building. Slow as molasses. I really had a hard time maintaining interest while waiting for things to move. To be honest, a movie about this small fascist outpost and the family/staff/soldiers dynamics would have been far more interesting without the fantastic elements. Especially is you filmed things from Ofelia's point of view as a shell-shocked girl who has retreated to fairy tales as a defense against her new reality.
Good, but not great. 3.5 penguins out of five.