I'm not sure why everyone compares this to Disney's version. They both stole the main characters from Carlo Collodi's 19th century book. My father used to read it to me. Sure, Guillermo took a much bigger artistic license than Disney. So what? What modern director even attempted to be completely faithful to a book except Peter Jackson?
That said, there quite a few logic holes in Guillermo del Toro's version that took me right out of suspended disbelief. Takes it out of Oscar territory for me, but I don't vote LOL. Aside from that, the artistic effort was superb.