I viewed Phantom in its entirety yesterday and though it looked good for the most part, I could see the registration problems RAH and Kevin noted. I don't know if I would have picked up on that issue if I wasn't looking for it throughout my viewing. Also, after watching this version of Phantom of the Opera, it reminded me why I used to fall asleep watching this film at night during my childhood viewings of it. This is by far my least favorite of the films in this boxset. I rather they included Son of Frankenstein or some other horror title.
I did some extensive sampling of Phantom
, via my JVC DLA-HD350, projecting the image to about 8.5 feet wide. I noticed the occasional misregistrations, but overall I'd term them mildly annoying, certainly nothing even approaching those in, for example, the Warner Dodge City
DVD. I pretty much agree with your opinion of the film as a piece of entertainment. It's gorgeous to look at, which counts for a lot with me, but I'm pretty sure I'll only watch it in its entirety with Scott MacQueen's commentary playing, which my sampling indicates is fascinating.