The Venetian has done an amazing job on the visuals. The theater is beautiful, and the sets and visual production are amazing. Others have talked about the visuals entirely, so I won't rehash it all -- except that the chandelier was amazing. And the freakishly bright fireworks. The band I thought was excellent as well. The singing however . . . unfortunately it left a _lot_ to be desired all around, especially when multiple people were singing together. (Phantom has a lot of intricate melodies and the cast I saw just wasn't able to pull it off.) It's possible this was a factor of the horrible sound system in the theater, or some combination of the two, but I'm pretty sure it was the singing . . . which is kind of a key part of Phantom, hence the 2.