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Phantasm I is the best of the series for me, easily. Second movie is great fun and its easy to see it had the budget that the other movies lacked, but if I'm being totally honest, Coscarelli seems like he's at his best when he has less of a budget to swing around. He gets more creative and and the story often shines through more. Phantasm II is awesome and great fun and definatley the easiest of the 4 to watch, but for me the first will always be the best movie, followed by both the second and fourth... and the 3rd, well, that is in a league of its own.
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