I love this series, and wish Coscarelli would deliver one more to finish the story, even if it does kind of work with how it ended now. I think the series got a little worse with each film, but even four was still great.
Phantasm - A mind trip nightmare of a flick. One of the best horror films of all time.
Phantasm II - A fun action horror movie. Just falling short of the first film.
Phantasm III: Lord of the Dead - Cheesy but I still had a lot of fun with it.
Phantasm IV: Oblivion - It's all over the place and it's budget shows, but it's probably the closet to the first film. There's just something missing though.