"reading" comics is more an 'arty' endeavor than an exact science, and one man's coke is another's pepsi!
Yet, the Phantom's head is depicted as if it's been processed thru a bench vice! And of course, let's leave aside the fact that in some panels the characters seem to be depicted as contortionists par-compare!
Sadly, the splash on pg. 16 does nothing to enhance the allure of the issue.
The only place where the artist seems to have gotten the Phantom "right" is on pg. 12 ... and pg. 20! The final panel on pg. 20 is beyond reproach!
So, it's been too bumpy a ride in a span of 22 pages!
A good simple question, and hopefully, this has been a good answer

Ok, to your points;
Yes, the Phantom has a thing face...but so do the rest of the characters in the book. Obviously, this is a style thing more than that artist "not knowing" how to draw the Phantom. Also, the heads are all in proportion to the bodies.
To my eye nothing looks like a contortionists trick, so maybe you could point me to some specific panels? Also, this is comics where anatomy and proportions are often stretched and flexed to achieve effect and motion.
I'll agree the the page 16 splash isn't perfect. The foreshortening looks a bit off and the composition isn't brilliant. Still, it's better than I can do so I'm not going to make a huge thing about it.
So, I still don't think there is anything really wrong with the art, but as you say, each to their own.