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 (blog post) Reggie trying to save mike. You know, like Phantasm 3, except without them spending nearly as much time together, or (blog post) the 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