Well what are you going to be using it for?
I dont think it has the apt -get feature and I heard about some problems with the booting. Thats why I ask what is the need of it? What are you using now and are you wanting to take that learning curve?
i have never use or looked into phalk but if you jst want a cdrom distro that you dont have to install but jst run from the cd i would recommend knoppix its a great distro. or look into knoppixSTD if you want that hacker took kit type stuff that phalk has :) hope this helps