The spell says it ends if the steed takes damage, but it also says the steed takes a full minute to vanish "when the spell ends".  Does that mean you actually have 10 rounds of combat before the steed disappears if it takes damage?  Because that's actually a long time.

Yep, 10 rounds of zipping around the battlefield (or away, for a 1000 feet retreat).

Phantom Steed is a hidden gem of a spell. A Wizard can ritual cast it over and over, gradually transporting the party over great distances for no cost. Only issues are potential ambushes.

Really cool summoning spell that is also a ritual (much like the beloved 'Find Familiar' spell).  In my mind this is more of a conjuration spell but I understand the arguments why this counts as an illusion spell. Very strong spell IMO. It's a ritual, it requires ZERO concentration (so the whole party can have these steeds?), and it's beneficial for every class. I like this spell :)

Quote from chewy_the_unaware >>

Really cool summoning spell that is also a ritual (much like the beloved 'Find Familiar' spell).  In my mind this is more of a conjuration spell but I understand the arguments why this counts as an illusion spell. Very strong spell IMO. It's a ritual, it requires ZERO concentration (so the whole party can have these steeds?), and it's beneficial for every class. I like this spell :)

While there's nothing preventing you from casting it more than once, it might be tough for a single caster to give a whole party phantom steeds at the same time, because the spell takes 11 minutes to cast as a ritual, and it only lasts for one hour. 

Quote from wagnarokkr >>

While there's nothing preventing you from casting it more than once, it might be tough for a single caster to give a whole party phantom steeds at the same time, because the spell takes 11 minutes to cast as a ritual, and it only lasts for one hour.