I was absolutely devastated and blindsided by this news. As much as I'm dying to see this film, I'd rather it be done right with the right director than it go bad. Maybe Del Toro can go do another film and by then things will be worked out and he can come back to the project. If not that, then I hope PJ will just do it. Lovely Bones didn't do well critically or commercially, so maybe he'll be more likely to go back to what he knows works for him.
I just wish WB would buy MGM out. You know MGM needs the money...