For me, this has been the year I got into Phantasm. I just finished watching OblIVion yesterday and got through the other entries in the series over the last two months or so.
Wow. This is a special film franchise, all of them directed by Coscarelli with the same (for the most part) recurring cast across 20 years, that's pretty amazing for any series, but considering how completely fucked up this one is...
...and every entry outdoes the previous one. I think these films, along with The Manitou, populate their own sub-genre of Fever Dream Horror. They don't even attempt to explain what the fuck is happening until part three, and even then its way left-field. I read/saw and interview with Coscarelli where he said that the inspiration for the first film was the way our society deals with death, that the bodies of the deceased are taken by the shadowy undertaker figure to have secret surgeries and God knows what performed on them and we never really know what happens once we leave the funeral home. I told this to my girlfriend, who I dragged through every installment of this series, to which she responded, "wow, he REALLY took that theme in different direction than I expected."
I would say that Phantasm II is probably my favorite of the series; it being the most Evil Dead II-esque and just a lot of fun, the chainsaw fight, the beginning in the house, and the American Excalibur being highlight. Plus: JAMES LEGROS.
Honestly, though, I enjoyed every one of these films. The first is definitely an eerie classic, the third felt sequel-ly to me but there was so much to enjoy that it didn't bother me at all, and the fourth was just off the wall insane despite the obvious budget constraints. One of the most enjoyable things is how the beginning of each film takes you through everything that happened before in like 90 seconds. This should be mandatory for sequels, or maybe I feel that way because of how much fun it is to watch these movies pull it off. I also love how The Tall Man is described: "Well, he's a very tall man."
If this is old news to everybody and covered elsewhere, sorry, it's all been new to me. I really do hope that Coscarelli gets the funds to do a fifth film. The horror, drama and hilarity of the Phantasm movies is totally unique.