Phantom4ever, I couldn't agree more. It would be a total travesty if the production became a big hologram, or even if the majority of it transferred to projections or the like. I reiterate that Phantom remains one of my all-time favorite shows/productions.
However, I have to disagree slightly, and say that I think some of the effects you consider distinctive and special might actually be taking away from the impact of the show. For example, yes, the Phantom is shooting fire at Raoul in that scene, but the way it's being done right now is just really lame and amateur-looking. It almost feels like an accident that little blips of fire are coming out. Also, I actually think Raoul's descent into the trapdoor totally takes away from the plot progression—we're supposed to be following the Phantom's kidnapping of Christine and the ensuing opera chase... and then Raoul randomly jumps through the floor and you're immediately made aware of a disconnect between you and the show. Last time I saw the show (earlier this year), my friend (who had never seen the show) actually chuckled and gave me a bizarre look when Raoul fell through the floor.
So, yes, 100% agreed that many of the show's real, physical effects need to remain in place. Phantom wouldn't be Phantom if it didn't have its chandelier crash, its bridges leading into the Phantom's lair, its Red Death disappearance, et cetera, et cetera. My argument is that it seems that the mechanisms by which they're being done are currently dated and could be improved.