Over the years, I have just about bought every version of the silent PHANTOM OF THE OPERA. In my opinion, the Milestone version is THE BEST. The elements have been cleaned up and the image is crisp, clear with good contrast for 90% of the film. This two disc set has both the 1929 and hybrid 1925 original. Actually the film is cleaner and better looking in this version than a lot of the official Universal thirties classic that have come out.
It has an excellent commentary by Scott MacQueen and a real treat is hearing the music originally composed for the sound version accompanying the action from original sound elements.
The Technicolor sequences are the nicest I have seen and through proper use of the colorization process, other scenes originally in color, are presented and match the actual color stuff very well.
This version has been made from the initial Photoplay restoration which also includes Carl Davis' original stereo score for those that must have modern stereo for their films, however, I prefer the mood and music of the original '30 soundtrack. There are a plethora of extras, and I don't think it is false hype to say this is the ULTIMATE EDITION of this classic film.
That's my two cents.....