The most reoccurring complaint I see in the prior reviews of this Phantom TV movie is "He's nothing like the old phantom". I am inclined to retort: "So what?" Times change. Crime and injustice evolve, so does the technology that can be used by evildoers. It's only normal in terms of escalation that the Phantom evolves as well. In the old times, the spandex outfit was the Phantom's choice because it would confuse the enemy as well as conceal his real appearance, only nowadays Walker has to take armor piercing rounds and automatic weapons as a potential annoyance too. So yes, he'll wear something different. Same goes with that visor. It has to be both concealing and useful. What is true for technology and attire is also true in terms of psychology. This Phantom reflects his own time. Tradition is not totally forgotten, the whole ritual experience on the lair island is there to remind of all that makes the Phantom who he is. The horse? The dog? You wouldn't bring these to a modern fight, unless you want them minced.
Bottom line: Suck it up buddies, the Phantom we grew with did the same thing we all do. He aged, he died, he got replaced. What is immortal is the concept of the Phantom and in order to survive, all things have to adapt. Including the Ghost Who Walks.