There are certain movies that pulp fans will mention in any discussion as being underrated and should have done better, The Rocketeer, Sky Captain, John Carter, and The Phantom.
The 1996 movie was filmed in Thailand and in Australia (some of it was filmed in Brisbane City Hall) and there is a lot to like, the 1930s setting is pretty good, I really like the Phantom outfit that Billy Zane wore with what looked like tribal markings that looked like a skull on his chest. Kristy Swanson makes a feisty Diana Palmer and Catherine Zeta-Jones is great as Sala, the leader of the Sky Pirates in her first movie role. Treat Williams' Xander Drax is wonderfully over the top.
The action moves from the Bengalla jungle to New York to a rousing finale in The Devil's Triangle base of the Singh brotherhood.
As a fan of the comics, I thought the supernatural aspects - Kit being visited by the ghost of his father and the three mystical powerful skulls - were a mistake. Also there were some interesting story choices, during the New York section The Phantom discovers that the jade skull is in the New York Museum and has been there since Jimmy Wells 12th birthday, Jimmy looks about 30 so it's been there for at least 18 years. The Phantom and Diana rush there and are met by Drax and his men who have decided to acquire the skull at the same time. Drax therefore obviously knew that it was there and would have been smarter to acquire it quietly through the Museum board.
But aside from those things I love this movie, nearly everyone is perfectly cast Hero and Devil look incredible. There is a scene where one of Drax's henchmen tells the Singh Brotherhood he has killed The Phantom, the response is laughter and that everyone there had killed The Phantom.
Well worth watching.