Love this movie. I think it's on par with Rocky Horror in both music and enjoyment. I think I may actually like Phantom a little bit better.

Did notice a nit or two though. As always, spoilers ahead:

The Phantom's cape changes color one point during the movie. In the theater it's red, but when he's on the roof or Swan's mansion, it's sliver. Then later back at the Paradise, the color changes back to red!

One can only assume that the tape of Swan selling his soul is being recorded by the camera in the cornor of his bathroom. Yet the angle changes several time during the recording!

I could point out that the audinces reaction to so many people dying on-stage is a little strange, but that's just part of the vicious satire.

This is the weirdest movie I have ever seen--bar none. I saw it when I was eight-years-old--and it gave me nightmares. I saw it again a couple of years ago and laughed myself silly at how bad it was!