With a few iffy plot choices and a less than amazing cast, the third Phantasm is easily the weakest of the first three. Not a terrible film, and still nearing average, but certainly not as memorable the as the classics that came before.
What are your thoughts on this sequel?
(http://www.fight-evil.com/movies/years/1994/299-1.jpg)
I'm almost ashamed to say that I've never really bothered to watch any of the movies in this series, outside of the original (which I would probably give a 7/10). I've seen bits and pieces of the second movie over 10 years ago but not enough to count it as an actual watch.
The second movie has such a different tone than the first. I loved the first film and the utterly confused and dreamy aura, but the second is pretty fun too, and much more an 80's movie (which makes sense, since the first came out in '79 :P).
I'd recommend watching the second one, and if that doesn't do much for you, then you could probably live without seeing the rest of the series. You'll just be one of the black sheep of horror fans. [*hehehmm*]