First off, I guess I should let you know that I am not a huge fan of musicals, opera music or the Victorian era, basically all of the things that other renditions of this story typically include. I also know very little about the story itself and how faithful this adaptation is, though I'm sure it's not all that close. The good thing is that this movie is light on most of that stuff and has a slasher vibe to it. Does that make it a good movie? Not really, but it does make it a more favorable viewing experience for myself.
With Robert Englund still in Freddy Krueger mode at the time of starring in this movie, his portrayal of the Phantom does bleed similarities to his most famously recognised character. So what we're left with is a weird hybrid of Freddy Krueger, slasher movie with some musical obsession thrown in. It's not exactly a good movie but I'd say it's as good as some of Freddy's weaker Nightmare sequels.