Loyalty = Phantasy
Reggie's loyalty to Mike and Jody(both dead in one form or another) was rewarded with his fantasy: the three of them in a gung-ho war to save the world from the Tall Man.
More likely the reality is the three of them are now this(http://horrorfanzine.com/wp-content/uploads/2009/09/phantasm2_07.jpg) and are unwittingly clearing intruders from the latest place he's overrun, while in their minds they're having the time of there their...lives). *bvvvrrrrrrrrrrrrrrrrrrrr*
Quien es mas Sherlock?
Hombre de Hierro
O
Doctor Extraño