I wish there were more people on this board to share their lists! I'm afraid it's not very active. My list is pretty obvious from the review grades, but here it is in redacted format:
1) The Phantom of the Opera (1925) - For most of the reasons you enumerate. It's mostly true to its source material, entertaining, and fabulous, even over 85 years later.
2) The Phantom Lover (1995) - This is not nearly as close to the source material as most others because it's part of the
Ye bang ge sheng series of Chinese films, but it's so very gorgeously done, and a heartstring-plucking story all by itself.
3) Opera (1987) - Man, I love this movie, even though I'm too squeamish to watch it unless all the lights are on and John is in the room. It's technically amazing and has such potent visceral impact; by far my favorite horror version of the story.
4) Song at Midnight (1937) - The first
Ye bang ge sheng suffers from a few sillinesses, but it's both beautiful and really interesting as a window into Chinese politics of the time.
5) The Phantom of the Opera (1989) - When it comes to retelling modern film versions, the Robert Englund version is absolutely my favorite. The time-travel idea bugs the shit out of me, too, but other things, like the graveyard scene, are just stunning, and Englund plays the character fantastically.
6) Phantom of the Paradise (1974) - It's so amazingly over-the-top and overblown and insane! And I love it! I have no idea how de Palma manages to be so ridiculous and yet still do so many interesting things with the social messages underlying the story, but he does.
7) The Phantom of the Opera (1987) - The animated version has plenty of faults, but it's by far the most faithful film adaptation, and I have such a soft spot for old animated movies. I really enjoy it despite its occasional silliness and bargain animation.
8) The Phantom of the Opera (1983) - I seem to be the only one who really likes this film, but I do. Schell's acting certainly outdid the others in the film, but I think a lot of the directing and stylistic choices were lovely, and I really found it a gripping version.
9) Phantom of the Opera (1943) - This film has so much kitschy forties musical style about it, and yet I really find it enjoyable, mostly because of Claude Rains. He does such a fabulous job that I can forgive a lot of the other failings of the film. It probably doesn't hurt that I really enjoy Nelson Eddy, either (though I could have done without the double-suitor muddle that is so played up).
10) The Phantom of the Opera (1962) - There are some things in this film that really push the envelope as far as horror of the time, which makes it interesting, but it's hard to get into it when it's simultaneously so close to the original in setup and so far from it in execution (particularly with the insane but "innocent" main character).
11) The Phantom of the Opera (1990) - This Phantom isn't one of my favorites, but Dance's version of the character is still oddly compelling, and the technical execution of this piece is absolutely beautiful (not to mention the majority of the film being set on location).
12) Phantom of the Ritz (1988) - Oh my god, I love this horrible, horrible movie. It is so bad, and yet I liked the characters and found the constant campy comedy hilarious. It's so bad that it's kind of good, and it never takes itself seriously for even a second.
13) Phantom of the Opera (1998) - Argento's other Phantom film is so whackjob crazypants nuts. I can't help but love it a little bit, though. I find Julian Sands impressive, though he's way too pretty for the part, and even in the midst of all the rampant insanity Argento can pull me up short to think over the changes he's making in the dynamics. But it's sooooo crazy.
14) The Phantom of Hollywood (1974) - This film tries so hard, but... but it's just kind of bad. I can appreciate the nostalgia angle it's going for, and it even brought a tear to my eye now and then (mostly thanks to Jack Cassidy's impressive talent), but the rest of the film... it's just a wreck.
15) Phantom of the Mall (1988) - It's terrible! So terrible! Hilariously terrible, but still much too awful to watch. Lord, I couldn't breathe for laughing at the badness of this film.
16) The Meateater (1979) - But not as terrible as this. Sweet Jesus, this one is just painful.
(I saw the Schumacher/Butler film when it came out in theatres, but I haven't seen it since and am trying to hold off until I get to 2004 on my timeline. So it's not on the list yet.

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