While the basic look of Simon Wincer's version of "The Phantom" is right, the film suffers from a sense of "liteness" that retards it from finding its legs as a swashbuckling adventure. The often-creepy Billy Zane turns in a decent "aw shucks" performance as The Phantom, the latest successor to a long line of superheroes who've donned a purple costume and black mask to serve justice. In this version, he's up against-predictably-a megalomaniacal millionaire (Treat Wiliams) who is bent on acquiring three skulls that will give him supernatural powers. Williams provides some laughs with his perennially excited villainy-he's like an evil, hyperactive six-year-old on metamphetamines-and the luscious Catherine Zeta-Jones does her turn as the dark-haired spideress that keeps butting heads with The Phantom's girl (a plucky if pouty Kristy Swanson). The story is Indiana Jones meets Batman, right down to caves, jungles, hidden fortresses, and pirates, with a little Jules Verne thrown in for spice (there's a cool mini-submarine that just screams "20,000 Leagues Under the Sea"). But even with the addition of the delightfully craggy Patrick McGoohan as an earlier Phantom, the films seems to lag, in part because it seems so derivative. And though it's set in the 1930s and imitates serials of the era, its playing to ugly stereotypes gets tiresome-the blonde being the "good girl" and the brunette the "bad girl," the Yellow Horde seeking to enslave the world, Italians as mobsters willing to double-cross their own brothers, etc. Sure, there are lots of Americans who actually believe such hoo-ha, but that doesn't make it worth putting in a film that seems aimed at impressionable kids.