I have a soft spot for the Billy Zane movie, too. It's a good, old-fashioned Saturday matinee adventure flick, like an old 1960's TARZAN flick. I would have loved it when I was ten . . . .
It was probably too old-fashioned and modest in its ambitions to compete with today's big comic book blockbusters, but it's a fun little movie which I've watched more than once.
Although Patrick McGoohan was way too old at that point to play the previous Phantom. Not for a moment did I buy that he had been running around in purple tights shortly before his death.