The first 2 Phantasm's absolutely ruled. The 3rd and the 4th ones, while not as well written, were still entertaining. The Phantasm movies rule cuz they're actually scary at times, not to mention completely bizarre. And then of course there's the spheroid sentinels, which just kick ass.
The last Phantasm movie is supposed to really rule whenever it does finally get made. What I really like about them is even though some of the sequels are like 10 years apart, the film quality and everything looks identical.
On a sidenote, I actually designed a site a long time ago for a guy who is keeping people posted on news about the final Phantasm movie. Here's the url if ya wanna see it:
http://www.angelfire.com/goth2/phant...antasmsend.htm