The Phantasm franchise is my favourite Horror franchise as I find all four films to be consistently good, especially compared to other franchises eg. Elm Street, Halloween, Friday the 13th, which all became rather dire after, say, the third film in each franchise.
Each Phantasm film continues with the storyline so you actually feel like something worthwhile is actually going on in terms of story/plot development and familiar characters eg. Reggie, Michael and the Tall Man (always played by the same actors, excluding Phantasm II in which Michael is played by a different person for that one film), instead of just a bunch of new characters for Freddy/Michael/Jason to kill in the other franchises and a random, tacked on story that doesn't really matter overall.
I think all four are superb, although yes, as they go on the quality does diminsh a bit, but to nowhere near the extent of other Horror franchises, including the ones I've mentioned and numerous others.
All in all, my favourite Horror franchise, without a doubt.
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