Strategies:-
The Phantom is a fairly good Armor Piercing unit. With its lasers and AP capable bullets, it can penetrate enough the toughest armor. However, the Phantom's damage isn't very good. Its damage ranges anywhere from 80-120. Thus, you will need alot of Phantoms to be able to hit the enemy hard enough.

AP:-
Armor Piercing bullets and lasers are the key aspects in destroying heavily armored Behemoths and Mephits. However, they are not head-on units as their HP and armor rating aren't as good as that of their air counterparts, the Falcon. While Falcons are speedy and are able to evade attack, Phantoms are somewhat slow.

Support:-
Using its AP attack, Phantoms can easily destroy high armor but low HP units, like the some poccing Revenants which only have armor and not much HP. But without support from other air or land units, the Phantom is an easy prey for hit-and-run Pegasus which move swiftly between the ranks to take out anything they deem hostile.