Okay, here's my take on the movie:
I just didn't think the movie worked very well on the whole. It wasn't horrible, it just didn't "come alive" for me. It was just a bunch of stuff tediously unfolding in front of some beautiful sets with a few bright spots of interest here and there. The acting wasn't necessarily that bad, but the actors didn't really make the most of the situations or show as much depth as they could've to make you involved in the relationships. Emmy Rossum is a lovely girl, but I'm sorry, I just didn't feel any layers or depth in her performance. She's an adequate singer (they could've done much worse), but her performance on the whole is pretty anemic. I'm not sure if Schumacher (who has made other movies I've enjoyed like The Client) was to blame for her poor performance or it was her own shortcomings. As for Patrick Wilson, I felt that he was rather bland on the whole as well, but decent enough I suppose. Then there's Mr. Butler. Now, he's undeniably sexy and interesting, but I'm just not sure if he was right for this role. His singing isn't horrible, but he's obviously not really a singer. What's odd is that even though he's probably the most miscast actor, he gives the most emotional performance, which doesn't help things much because it makes him look overwrought compared to the mellow performances of Rossum and Wilson.
The movie really felt like a really long music video with dialogue every once in a while. The structure of the story is so locked in that it's hard to get excited because of the way you know things are going to play out. I really don't know if making the phantom less magical was the best decision either. There were some nice visual touches, but at the same time everything sort of looked like a set. It doesn't help that the repetitive nature of the music (I know, I know, it's a cliche criticism) adds to the tediousness of it all. Schumacher should've added a little more of his own vision to it all and made it more cinematic. I wanted to feel the romance, the eroticism, the mystery, the excitement, and the tragedy, but I can't say that I did.
When you're adapting a musical to the screen it just usually isn't going to work unless you change some things (especially if it's an almost totally sung-through musical). When it's basically all songs on screen there's no build up to the emotion (like when characters become so emotional in musicals that they just have to express things through song). I'm not necessarily saying that you have to cut a lot of the songs, but something has to change through editing, story structure, etc. If you're going to have things remain mostly sung-through there has to be some way to retain emotional peaks and valleys through direction and use of the music rather than letting everything blot into a big mess. It's like adapting a book.
There also wasn't a lot of variation in shots in the film. Besides some fancy camera work it basically just alternates between shooting the people straight-on singing and overhead shots where you can't really see lip movement (maybe they were too lazy to match the singing sometimes, apparently even when the camera could see the lips). I'm also not particularly fond of having characters speak lines that were originally lyrics. If you want to have dialogue, write dialogue that actually sounds like dialogue.
On the other hand though Evita is basically all sung-through and sort of also feels like one big music video, I was never bored by it because the direction kept things moving along and the characters were fascinating even as they were singing.
Rob Marshall understood how you have to adapt things when he made Chicago. Roxie, Velma, and Billy may not have been extremely deep characters, but they felt more real than anyone in Phantom because they were allowed to breath and have room to become known to the audience. The Phantom characters spend so much time singing the upfront, not especially deep lyrics that they become cardboard.
As unoffensive as Phantom is, I'd have to say that some of the worst movie versions of musicals (like Man of La Mancha, Mame, The Wiz, & A Chorus Line) probably have more interesting moments than it does.
"The gods who nurse this universe think little of mortals' cares. They sit in crowds on exclusive clouds and laugh at our love affairs. I might have had a real romance if they'd given me a chance. I loved him, but he didn't love me. I wanted him, but he didn't want me. Then the gods had a spree and indulged in another whim. Now he loves me, but I don't love him." - Cole Porter