I went to see the movie last week and it was pretty enjoyable. I particularly liked the masquerade ball. However I also agree with Mangafanatic about the first encounter between the Phantom and Christine though.
Plus, although this has nothing to do with the actual storyline, I noticed two things in the movie:
[spoiler]During the 'Don Juan' sequence, one of the dancers is late on doing his turn. I not completely sure but I think in a shot of Christine from behind when she had the wedding dress on, she didn't have her bridal crown thingy on her head when she was supposed to.[/spoiler]
Like I said, not important to the story just something I noticed. Depending on what extras they have, I might buy this movie when it goes on DVD.