I just caught up with the Yeston and Kopit "Phantom" in Phoenix, at a theater in the round. (I've moved to Palm Springs, CA, so now you get to read my carryings-on about left coast theater, instead of DC theater.

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Y&K wrote a lovely story, with lovely music. There are dark parts, but Erik is portrayed as essentially an innocent who was very much loved and protected by his parents, and who believes that his father's bargain with him allows him to kill to protect his secret if anyone invades his territory. As I watched, I imagined what the Broadway staging would have looked like, and I think the show could have succeeded.
The show has humorous moments, some admittedly the director's way of poking fun at a certain ALW musical. Carlotta is portrayed as evil instead of as a buffoon, which made for a lot of fun. The ending is a tearjerker. However, there are negatives: The middle drags in my opinion, and some of the music is downright boring. Nonetheless, that's what previews fix, and this show never had the kind of scrutiny that a Broadway preview crowd would provide.
I have to agree with Kopit (or was it Yeston), who said something to the effect that "Phantom" is the most successful show never to make it to Broadway. Happily, it has received a lot of positive reviews in regional and local theaters. I'm glad I went, but the show didn't touch my core the way ALW's version does.
Audrey, the Phantom Phanatic, who nonetheless would rather be Jean Valjean, who knew how to make lemonade out of lemons.