It's perfectly true that this version isn't Lon Chaney and is watered-down Leroux, but it still has excellent performances and - this was during WW II remember - extraordinarily beautiful production values which resulted in Oscars for Color Cinematography and Art/Set Decoration. I've loved this film since I was a kid, even though back then I had to endure black-and-white telecasts because the local CBS affiliate was unable to obtain a color print that was up to their standards - years later I was lucky enough to see it - twice! in a theatre - as gorgeous as the color is on the DVD, it was even more breathtaking on the big screen. The extra features (the documentary "Phantom Unmasked", which includes a rare interview with the elusive Susannah Foster, and the audio commentary) have only increased my pleasure in watching this film over and over again.