I just watched it. There is much I liked. You can tell it was meant to be a web series initially, as it does look like it was filmed with hd cameras and the CGI sucks. I love the practical effects of the first 4 films more. I also hated the rap in the end credits. Flat out hate. But the movie itself I did feel was true to the Phantasm spirit. The movie has a lot of nostalgia for the series, and is very open as to what actually happened in the story. This feels like a conclusion to the story, mainly in regard to Reggie. I am hoping this is the last one. You cannot do these without Angus. Simply won't work. Technically, they COULD do more, but when did this series ever leave you on a conclusion? All in all, probably would rank it as my least favorite of the series (just because on the whole, it looks and feels the cheapest visually), but I still quite liked it.
I have a lot of opinions on what happened in the series as a whole, what it all means, and all that jazz. Lots of comments and it is a discussion I would like to have with other fans of the series. Phantasm and Evil Dead are probably my favorite horror franchises. I feel the Phantasm films are unique and very rewatchable, given how each film is very unclear and open for interpretation. But, I will table those for now until more people have seen Ravager.