Well, what we all suspected indeed happened last night. Don Coscarelli and the cast unveiled new footage from Phantasm Ravager at the Alamo Drafthouse screening of the first film in Texas. Quint from Ain't It Cool News has a detailed write-up on the material, which you can read here. He also shared three personal photos from his set visit to the production "many moons ago," which I've re-posted below. Click them to enlarge.
What's most interesting to me about Quint's footage description is the scene between Mike and Reggie in the psych hospital, which strongly evokes Stephen Romano's unproduced Phantasm Forever screenplay, which by most accounts remains the greatest Phantasm story never told. I'm glad they are revisiting the psych hospital angle for the franchise, which was first attempted briefly in Phantasm II but not focused on very much.
As for the film's release date, attendees are reporting that Don Coscarelli revealed the film is STILL in post-production and that they're STILL trying to find a home for it.