Slappy McGee’s review published on Letterboxd:
Been watching a lot of silent horror films lately.
Had high expectations for this one.
Unfortunately, it did not live up to its brethren.
It also did not live up to the Claude Rains film to follow in the '40s.
So there's that.
However, it does contain that classic "reveal" scene of the Phantom that is so iconoclastic. It comes relatively early in the film which takes away a little of the tenseness of the film.
Also, in this version, the story doesn't build up much sympathy for the Phantom (like the '40s version does). So it is lacking that bit of empathy for the villain.
So, it's alright. That's about it.