Cheap Costume: Even though he's abandoned the mantle, Kit always carries his Rings and Gunbelt with him in an attache case. But...not an actual COSTUME. He's improvised two costumes so far, but now has also made a more "proper" costume.
Eye Scream: When we see the present Phantom's father in the flashbacks, his face is always in shadow. Observant readers may notice that only one of his eyes is showing. When his (masked) face is finally revealed in Issue 5, it's shown that at some point he suffered an injury to his face that cost him his left eye. Issue 7 reveals that actress Reagan Fawkes shot it out when he spoiled a staged kidnapping.
In the Annual, we get to see that he still has both eyes, but is blind on the one with a scar across.
Underwear of Power: In the first issues, the ONLY "clothing" in his costume besides his boots and gun belt.
Wham Episode: The Last Phantom Annual #1... apparently the previous Phantom faked his death, and is still out there somewhere!
Writers Cannot Do Math: At one point the Phantom describes his line as going on for twenty-one generations before his grandfather. At another, the Phantom's father says it has been twenty-two generations of Phantoms in total. All the while it's implied to be the canonical twenty-first Phantom who is the "Last Phantom".
And if he is the 23rd or 24th, it's odd that he gives no thought at all to meeting a woman with the exact same name as the 21st's wife.
Zorro Mark: With both the Skull and Good Mark rings. It also goes into detail on just HOW the marks are made.