A teenage boy (Michael Baldwin) stumbles upon a plot by a very tall mortuary worker (Angus Scrimm) to steal dead bodies and turn them into midget slaves for an alien world. With the help of his brother, the boy hopes to cut the tall man down to size.
28 years later, Don Coscarelli is now seen as a master of horror and Angus Scrimm somewhat of a horror icon (though to a lesser degree than, say, Robert Englund). While the plot I've outlined above may sound silly, the actual execution of this idea makes it clear why this film has really lodged itself in horror history and spawned numerous sequels (all starring Scrimm).
This film captures the feeling of the late 1970s and early 1980s horror with the young boy stumbling upon a plot of large, sinister proportions. Horror geared towards the youth of a generation who have parents who may not believe them (or in this case, an older brother). I really like this sense, much like "The Goonies", "The Monster Squad" and "Lost Boys" -- a kid's film without being childish.
"Phantasm" has become known for the silver balls, and believe me -- when Angus Scrimm puts one of his balls in your face, you won't be happy about it. A bloody mess is all you'll get! I really enjoyed the effect of this (remember, this is 1979 when effects still took some creativity).
Now, some things I didn't understand. For example, why are the midgets bleeding macaroni and cheese instead of blood? And more importantly, why does the tall man have to transform into a woman to stab people in the cemetery? If he's super strong and has those silver balls, he really doesn't have to be very sneaky about the whole ordeal, does he?
But, seriously, check this film out. Roughly in the same time period as "Halloween", you are left with a similar feeling. Only this one is more light-hearted and "feel good" and less "the embodiment of evil". I suppose it depends on your personal taste or your mood for the day. Myself, I like a little bit of the unusual thrown in to a movie just to keep me guessing.