These are what we call the 'YMMV items.' Things that some people find in this work. We call them 'your mileage might vary' because not everyone sees these things in the same way. This starts discussions in the trope lists, a thing we don't want. Please use the discussion page if you'd like to discuss any of these items.
Big Lipped Alligator Moment: There's a scene in which the fortuneteller's granddaughter goes into the mausoleum, enters the room leading to where the lurkers are made and screams. She's never seen again and her absence is never noticed. Really, Big Lipped Alligator Moments are what this movie and its sequels are all about, and the fourth one goes Up to Eleven by out-BLAMing even the original.
The sequence after Mike is pushed out of the car that seems to imply a psychic connection between him and Jody.
The fortuneteller scene itself, which is only there because Coscarelli just saw Dune.
Complete Monster: The Tall Man is a mysterious but monstrous being either possessing or wearing the skin of a kindly old man named Jebediah Morningside. The Tall Man roams from town to town, leaving death and destruction in his wake for the purpose of creating corpses that he can use in his undead army for eventual world domination. The Tall Man seems to fully understand human feeling as he murders the innocent family of Reggie Bannister for no real reason, solely to hurt him. He tortures the young hero Mike and killed his older brother, Jody, as well as Mike's girlfriend while transforming the former into one of his magic spheres and the latter into one of his undead servants. Sadistic, relentless and brutal, the Tall Man has remained an icon in horror for his monstrosity.
Darkness-Induced Audience Apathy: The Tall Man can never be defeated. Every time it seems like he is, he pulls a new power out of his ass to survive. Our heroes have no hope of doing anything but staying ahead of him for a few more seconds.
Even Better Sequel: Many fans like Phantasm II the most. It even got a BD release before the original!
Faux Symbolism: Fans have wondered if there is any deeper significance to having the book My Name is Legion on Mike's desk with the cover prominently displayed in some scenes of Phantasm. Coscarelli says the crew just thought it had a nice cover.
Hell Is That Noise: The sound the first Gold Sphere in Phantasm II is like a girl constantly screaming.