While I appreciate the original novel because it is the original source material, I like ALW's interpretation better because it has a ray of hope, especially regarding Erik. I like that ALW made the Phantom's deformity and mental health issues less severe. Also, he doesn't die in ALW's version. Personally, I prefer the Phantom with the deformity on one side of the face. While the Phantom is still a mentally unstable, murderous stalker, there is hope for him, especially at the end. The characters are just better in ALW's version. Raoul isn't a stalker and Christine isn't so shallow. I also like ALW's version for the romance and the charming feel.
What about you? Do you prefer a particular version of the Phantom's story? Why?