Em’s review published on Letterboxd:
This has all the ingredients to have been a masterpiece of its time, but it doesn't hold up all that well for me. For a silent film, it's far too slowly paced and wordy to be highly enjoyable today. Also, the constant unsettling music seems very out of place during the large portions of the film where nothing supernatural or otherwise creepy is going on, so it becomes background noise and fails to have an impact when it matters.
On the bright side, the special effects of the phantom carriage itself and its drivers were way ahead of its time, and are still impressive now. The best parts of the film are when the carriage is the focus and there's little need for anything but visual storytelling. Sadly, the rest mostly bored me.