I've seen Phantom in NY, Las Vegas, Dallas, and Austin x 2.
The theater production in a standing theater (as in, NOT a touring show) can obviously be more detailed and intricate. But honestly, it really depends more on the cast.
The best version I've seen, was the touring company that came through Austin the first time. Phantom, Raoul, and Christine were each better than the NY show I saw.*
*Note-- I did NOT see the original Broadway cast which included Michael Crawford, Steve Barton, and Sarah Brightman in those roles.
