I agree that phantom is still powerful for a war or pal, but with fear lasting 4 turns, you can use it to lock down almost all of a 5 unit low level enemy. At 10 mana, I think it's a much closer call vs the 25 needed for a max phantom for mana-strapped classes. Also, with magic runes being in much shorter supply, it's harder to justify getting summoner 3.
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