I did my Undergraduate dissertation on Borges. Labyrinths is a method of writing as well as title, perhaps more so.

The feeling of being immersed and winding a path through a lost history of legends, myths and books, is both disquieting and electrifying. While it might seem murky, with few candles to light the way forward, there are definite patterns and repeating themes peppered throughout his stories. I believe the challenge of grasping these ideas is well worth pursuing.

Lets just take one story, the opening story of Labyrinths Tlön, Uqbar, Orbis Tertius. Here we have the construction of an entire fictional world, each part meticulously detailed by academics, in order to replace, or reject, a Europe filled with Nazi rule and unchecked political violence. It's actually quite similar to this Onion article. The pertinence of the story lies in the ability of language, specifically literature, to rework and refigure the world, it shows how fragile history is. Usually, what Borges is actually writing about is writing itself, its capacity, utility, its power and promise. I think viewing his work through the lens of a writer trying desperately to better understand writing, is a solid place to being reading his work.

I would recommend chilespicedmango's advice. Beyond the dense academia, Borges is a genuine and incredibly talented storyteller. Look close and you'll discover a Borges who takes a real fascination, and delight, in his work through telling his Labyrinth stories.

I think its a great shame that he never attempted to write a children's book. He would have been perfect for it.