Wow, if you didn't see what makes Phantasm so magical,...it's not worth my time to try and explain it to you. Just stay away from my video night parties.
I see it the opposite way, can anyone explain to me what's not to like?
In a world of monsters in rubber suits, and dudes with knives...motivated by blood, or their mommies...these normalish people (who are just "off" enough to be interesting), stumble upon....what they stumble upon...?
The way he didn't care about realism so much as he wanted to create the atmosphere of a bad dream...throwing in stuff like the picture come to life, the box on the table...the FINGER in the box...
And what is more iconic than the FLYING BALL ?!?!?
Coolest thing ever!
Then you find out the true origin of the little Jawa-Midgets (which he invented before anyone had ever heard of Star Wars)?
You think it's just some localized ghostly thing and then the End?
That awesome world that kids dream of, with no adults...more like a club of dudes, you and your big brother and his flaky, bald Rocker friend, fighting the supernatural for dear life, totally dumbfounded with no time to think?
I'd say it's mostly loved for it's independence and originality, when compared with the safer, more orthodox movies of the time.