The music for LND is incredibly beautiful. The Australian version (the one that came out on video) restores the Phantom's manipulative personality; from what I've read about the London version, the Phantom was too toned-down. Also, it doesn't make sense that Mme. Giry and Meg would turn into maniacs, and turn against Christine. Raoul, on the other hand, could probably become an alcoholic, although I don't think he'd mistreat the child. Also, what's the deal with "ten years old?" Gustave should be nine-and-a-half if you-know-who fathered him, rather than Raoul. (BTW, Susan Kay's novel, which is MUCH better than Leroux's, in my opinion, also has Christine going back to the Phantom right before her wedding to Raoul, and giving birth to the Phantom's son).
Instead of turning the whole show into a soap opera, how about having Raoul and Christine be happy together, and not broke? Raoul has gotten even richer making movies, some of which star Christine. The Phantom has gotten wind of Gustave, whom Raoul has promised to be in films as soon as he turns 12, and wants to steal both Christine and Gustave from Raoul; he's appalled that she's doing something so shallow as acting in movies rather than singing and he doesn't want Gustave (whom he's sure is his son) doing something that involves his looks. The Phantom kidnaps Gustave and Christine and Raoul try to rescue him. Meg sneaks in and shoots the Phantom while he threatens to kill Raoul unless Gustave stays. As the Phantom is dying, he sings to Christine of his love, while Meg confesses her love for the Phantom (foreshadowed in the last seconds of POTO, when she picks up the mask). Christine and Gustave forgive him and sail back to Paris with Raoul after the Phantom dies. Gustave can say something maudlin about the two fathers he loves. Cue the tears.
Audrey, the Phantom Phanatic, who nonetheless would rather be Jean Valjean, who knew how to make lemonade out of lemons.