I don't think they could've found anyone better. This is going to put his other projects (one of which was At the Mountains of Madness) off for quite a while though.
http://www.latimes.com/entertainment/news/la-et-hobbitt25apr25,1,6111273.story
The Hobbit 2? XD If they mean two parts then I can say okay to that but isn't "The Hobbit 2" the, you know... Lord of the Rings? Still, I'm glad for del Toro. He's got an amazing talent for movies and everything I've seen from him always looks great.
Excellent choice. Not sure about the decision to break it up into 2 movies, but we'll see what happens.
This reminds me of a cartoon adaptation I saw of The Hobbit once. Wow, was it crappy, I mean seriously, I was blind for two days because of that. I'm hoping that this will be better, but it might get a bad rap because it's a prequel.