This has been discussed in the subreddit before - see here:
http://www.reddit.com/r/AskHistorians/comments/31oicr/why_was_the_phantom_time_hypothesis_developed_and/
http://www.reddit.com/r/AskHistorians/comments/1fjdry/is_the_phantom_time_hypothesis_taken_seriously_by/
http://www.reddit.com/r/AskHistorians/comments/2mkve2/is_there_any_credibility_to_the_phantom_time/
http://www.reddit.com/r/AskHistorians/comments/1ux2ow/is_there_a_200_year_time_discrepancy_during_the/
The consensus is - no.