Phantasm 1 is a damn good horror movie. It was one of the horror gems of the 70s horror realm. It lacks gore but the suspense and story provide for a great movie. The underlying themes in the movie are great, dark, and disturbing, as well.
Part 2 is the action sequel that works under the premise of the first one. The gore is substantial and the theme of death itself is rather disturbing given the mortuary scenes. The zombie girl was a nice touch, too.
Part 3 was a joke. It was a horrible story. The gore was comicbook style and added little to the story, as a whole. Overall, if you like cheap gore and nothing else, watch part 3. But expect nothing more.
Part 4 was the mystery that leaves you with more questions than answers. But I enjoy that aspect of this addition. The gore was on the spot-not too little, not too much. Given the paltry movie budget, the movie works.
There has a been rumor of a part 5. But to date, no word.