McMurphy: You're kidding, right?
That is one of the iconic films of that era... and one of the iconic images of the horror genre to this day!
I first encountered images from this film when I was a very young child, and waited to see this film ... and waited ... and waited ... and waited. Finally saw it when I was in my 20s, and have loved it ever since. What is especially nice is that the newer copies have the advantage of some of the better prints they've found since, and include the two-strip technicolor sequences (oh, that masked ball, with the Red Death costume!!!).
Yes, it's stagey in spots, and overly melodramatic (something that I understand was a bit of a bone of contention between Chaney and the director, Rupert Julian). It's also quite faithful (overall) to Gaston Leroux's novel -- quite surprisingly so. And no one has managed to top Chaney's performance as the Phantom... and the almost balletic movements he gives to the character at times adds to the haunting presence.
So, yes... it has its flaws, but it is a truly wonderful film; one of my favorites (but then, I'm a big Chaney fan from a
loooong way back).