Phobias is an ambitious horror project that tries to mix a traditional narrative with an anthology setup. It's an interesting idea, but I guess it turned out to be a little too ambitious as the result felt more than a little confused and unbalanced. And not in the way a good anthology accomplishes.
Each short handles a different phobia (it would've been nice if explanations were listed with the titles, especially since these aren't the most common phobias), though few are actually relevant to the phobia they are dealing with. The wrap-around segment tries to tie everything together, but fails to make it cohesive.
The problem with Phobias is that there isn't enough of a difference between the different shorts, which is one of the key reasons why I love anthologies. By themselves the shorts are pretty decent, but they're all a bit samey. At the same time the continuous interruptions make it more difficult to get into the main narrative. Would've worked better as either a stand-alone narrative or a more focused and detached anthology. But if you're looking for some solid horror film, Phobias is pretty solid.