It takes a fan to sit through it... I am that fan. I sat through it. All of it. I forced myself; Clockwork Orange style, to watch every minute of it.
I can't say it was terrible, but it wasn't good either. I had medium to average hopes for this movie. Given the time that has passed since Phantasm 4, and bringing back some of the original characters, is a tough thing to do. I think that part, they handled rather well, they tied things up in a rather roundabout way. So if you want to experience some kind of closure, this movie does offer a bit of that.
The production value of this movie is non-existent. It's just above a college level movie. There are maybe 2-3 good SFX moments, and some of the deaths are amusing. The writing is just a continuation of the previous movies... literally the same.. expect 1980's-1990's dialogue here...
This movie is definitely geared at fans. It follows through and continues the Tall Man mythos, and if nothing else, this is your last chance to watch Angus Scrimm one last time reprising his role. That, in itself, for fans, is worth it. If you've never watched any of the Phantasm films, you will want to avoid this. Watch the old movies instead.
I hope they reboot the franchise with a real budget, real writers, etc.