I liked everything except for the Phantom in this.
Gerard Butler had terrible breath control and couldn't hold a note. At least half of his time singing was being covered up by the music to try and hide the fact that he couldn't carry it on his own (just like Mel Gibson in Pocahontas).
And Webber's phantom is supposed to be hypnotising and seducing Christine, not yelling at her and mind-raping her into a shocked kind of submission.
But, like I said, everybody and everything else was really good. Especially the managers.