VSC Buzzard - smoother but way more quirky, less efficient, much harder disassembly. The Buzzard is flashier but is really more of a statement gun.
VSC Phantom - the quintessential stock class gun. The Ghost is pretty much an improved version of the Phantom. It's utilitarian and cheap! Rollout system is much more complicated than the Ghost's.
Too many pumps to list.
You can't really do much to improve the Ghost, and there aren't really any aftermarket parts specifically made for it. A carter L-stock would be nicer than the one it comes with.
Tons of small touches
No aftermarket, ie underdocking kits.
No factory options.
No stainless body inserts
If you are considering a VSC Phantom, get the Ghost. It's simply a better gun, with some tradeoffs.
Anti-rollout detent! The best feature, just a timmy detent that sits in the breech. No rollouts, no detent rings. You don't even have to think about it.
Slider trigger, adjustable break point and forward stop.
Aluminum match annoed feed block (unless it's a 2k6 GG)
Better fit & finish: the rear valve body and the way the VA integrates into the trigger frame are awesome!!
Hidden return spring under the pump handle
Fluted hammer and non-venturi bolt for better efficiency, plus a Lapco #6 power tube. Pretty much the best of the best Nelspot parts all installed from the factory.
Comes with a black T-stock...ugly but functional. Not a huge fan, but it's free.
LAPCO barrel, spyder threads.
Stainless hardline makes disassembly easier than a VSC Phantom.
Lockable auto-trigger. No trigger pulls, just pumping insanity!
The lockable auto-trigger is useless because it doesn't have a hopper.
The stainless hardline is kind of ugly. Functional, but ugly.
GG is the louder gun because of the non-venturi bolt.
The bottom of the grip frame is at a pretty steep downward angle. You'd almost need a power angle drop to compensate.
Phantoms have more upgrades and aftermarket parts, plus CCI customer service is top notch. Remember - no undercocking kits!
Only one colour from the factory...it is after all a Gray Ghost. Unfortunately it's more of a pewter compared to the old school Gray Ghosts.
No factory options...yet. Apparently they are making Direct feed bodies, but they haven't been released yet.
No stainless inserts in the body...this makes reanodizing easier, but it's possible to strip screw holes if you aren't careful.
Overall for the money, the Grey Ghost blows the Phantom out of the water. It's a low production number gun, there aren't more than 200 out there. It looks better, feels better and simply outdoes the VSC Phantom at its own game. If you want to upgrade, though, go with the Phantom. The Ghost doesn't need anything.