Think that "oblIVion" is a little cheesey of a name for the 4th project in a franchise? They were kicking around the idea of "Phantasm Phorever." Either way, the movie's about Mike running from the Tall Man, and Reggie trying to save mike. You know, like Phantasm horror movies 3, except without them spending nearly as much time together, or the funny horror movies interesting locations, or new faces... well... You ever been on a road trip? It's kind of like that, with a body count.
Source: Phantasm IV Movie Review - Decker Shado