For the longest time, I really enjoyed the movie version because it was the only adaptation of POTO that I had ever seen. But then I saw the 25th anniversary....and I just couldn't go back. It's vastly superior to it in many ways. For one thing, there isn't a single bad actor or actress in it. Everyone was casted perfectly. (I absolutely adore Ramin Karimloo as the Phantom.) I was truly blown away by how good the production was. I think every POTO fan needs to watch it. It's a great experience.
That being said, I still like some aspects of the 2004 film. Emmy Rossum's voice is superb and the costumes are great. But as people have said, there's really no comparison.
All things once are things forever, soul once living lives forever.