So this is a touchy subject, so I am going to be very careful here.
THIS IS JUST A SUGGESTION, DO NOT TURN INTO AN ANGRY MOB OVER IT
So I think phantom should lose the protective shield. Tweak the cloak effectiveness and duration up a LITTLE bit and I think he would be fine. This way he can still sneak effectively and players who spot him can fight back with a chance to win.
Another thing is make his melee more costly. If he lunges at a target, make him dedicate to it. If he hits, then he does damage. If he misses, then the enemy player can react before he gets a second chance.
If you really don’t want to get rid of protection, then let him be protected for 1 second on a hit. It would allow him to run away and try again later. It would cost him his cloak however and put it on a full cool down.
Thoughts?
(Yes I am aware this is after they have plans to tweak him, I just don’t want to see him nerfed into the ground.)