Overall thoughts on the series
Just learned about the Phantasm series recently from a friend and read how the first film is a big influence on JJ Abrams, so I decided to watch the entire series.
The first film is incredible! I love the style and feel of the overall production albeit low-budget. The music, the settings, and the dreamlike pacing all create an other worldly atmosphere. The film reminds me in a good way of ET and the first 3 Halloween films. The main characters play off well with each other, and Angus Scrimm as The Tall Man makes for an iconic villain especially with his line "Boy!"
The sequels, though enjoyable for the most part, don't seem to live up to the promise of the original. The 2nd one has some cool visuals and action sequences but feels too much like a generic '80s horror movie. The 3rd film is pretty good and probably my favorite sequel since it feel the most like the original. I like the trans-dimensional elements of the 4th film and that we get to learn a little bit more about The Tall Man's origins, but the movies feels too much like a SyFy made-for-TV movie (sequels to Tremors and Species come to mind) and seems to rely to heavily on the footage from the original film.
The 5th film is a total disappointment as it is a big mess and really provides no conclusion to the series. It is supposed to be the final film but gives the overall impression that it is setting up for another sequel that will be the real final battle with the Tall Man and his minions. The movie feels more like a feature-length one-off straight-to-Youtube reunion short (i.e. Hotel Hell Vacation, Adventures of Pete & Pete reunion) than a proper film. The film would have been worthwhile had it brought the series to a real conclusion and not leave it open-ended.
It would have been more satisfying for the sequels to focus more on Mike and his personal battle with the Tall Man and have the final film end with him either defeating the Tall Man or becoming just like the Tall Man to bring his character full circle. I like Reggie's character, but the sequels seem to focus too much on him busting the silver balls and evil dwarves and not enough on Mike and the Tall Man who are the heart of the series.
Overall, the first film is amazing and one of the best and most original horror films I have ever seen, but the series as a whole is just okay, downgraded especially by the disappointing final film.