I will say that default Phantom has grown on me.
I've been using it like Rion suggested by aiming to land the second swing and it really does work. Sometimes they'll learn but try to out jump it and get hit anyway. It's gotten to the point where the people I regularly fight offline actively avoid recovering high. Which, of course, leaves them more vulnerable for glorious Dair.
People on For Glory are less aware of Phantom's vertical range so I get so many KOs that way. I hope people don't catch on for a while.
I love to use the Phantom. I feel like I am the only one. I don't love that it is a reflectable "projectile" or that it cannot be stored and everything else we like to complain about, but I like that it's there. I like to use it for a safe edgeguard, love hitting people with the second (or BOTH) hits of the sword, love using it as a wall to block Sonics or projectiles. Love waiting for a Villager to throw it back at me so I can just reflect it back with Nayru's. Love using it as a decoy because people think I actually
meant to hit them with it, when in fact I am just using it as a setup to follow up with F-Smash or lightning kick them in the face; Phantom so helpfully obscures Zelda when I'm all up in it and then opponents cannot see my attack animation soon enough. Love using it to hit oblivious Diddy Kongs while they cling to the edge of the stage. I like using the quick, weak hit when folks are rushing me instead of waiting/hoping to shield grab or punish in a more risky way; depending on their damage a Farore's follow up is often possible.
On the topic of edgeguarding, some characters (like Robin) will learn to recover close to the stage in order to avoid getting Din's Fired or Phantomed but then you have just set them up for a safe and easy meteor smash. And I love using it as a "wall" for recovering Marths, Ganons, Falcons, etc.