similar films

Hugo
Mr Nobody

Holy Mountain by Alejandro Jodorowsky

Sucker Punch - Its the most similar one. I am surprised no one recomended it
Spirited away - in someway similar

The Spirit of the Beehive is the only one that I would say comes close. Tideland is also a strong take on the child's mind, but a much darker film than the other two. But I loved it.

While it doesn't have the visual beauty or the depth of storyline, I found Secondhand Lions to be similar in that it involves a child's depiction and interpreteation of the stories he is told. Plus, it's just a good heartwarming film.

It's a lot like The Adventures of Baron Munchausen and a little like Mirrormask. I also second City of Lost Children and Pan's Labyrinth.

"It's that kind of idiocy that I empathize with." ~David Bowie

Life of Pi is visually stunning

I read through all the other comments, but really miss a mention of Wes Anderson's "Darjeeling Limited".
It is indeed a very different movie, but I think whoever likes The Fall might like it - and vice versa.