(reply to an old post, but in case it helps someone in the future)
The below code produces facing page captions.
%in your preamble add
\usepackage{caption}
\DeclareCaptionLabelFormat{prev-page}{\hrulefill\\#1 #2 \emph{(next page)}}
\usepackage{subfig}
%and in your text use
\clearpage
\thispagestyle{facingcaption}
\begin{figure}[h]
\captionsetup{labelformat=prev-page}
\caption[short caption for list of figures]{complete caption which may be longer than four lines}
\label{figlabel1}
\end{figure}
\clearpage
\begin{figure}[h]
\ContinuedFloat
\captionsetup{labelformat=empty}
\centering
\includegraphics[width=5.8in]{figurename1}
\end{figure}
%and, I'm not sure why, but one of the times I used this code the figure number wasn't augmented for the next figure, so check your figure numbers and if necessary uncomment the following line
%\addtocounter{figure}{1}