A worthy version but...,
This review is from: The Phantom of the Opera [Original Motion Picture Soundtrack] (Audio CD)
I couldn't really understand why this wasn't really doing it for me. The film is visually impressive, great performances and the sepia shots of the present are a nice touch. The music is as good as ever. So why the problem? Then I realised that the singing is all studio dubbed and the movie thus lacks the spontaneity of the stage or live shows. When the actors are singing they are really only going through the motions of such, and it shows, albeit unintentionally.
Maybe that's why so many musical shows fail to do as well as the stage production when translated to the big screen? It also may explain why the recent production of Les Miserables impressed me so much as all the singing was live on set? The music had heart and was not just technically perfect.
But if that's not important to you then indeed this is a very worthy version of the stage show.