[C] Walker - 2.08

[YinYin]

I may be repeating previous suggestions, but I'm too lazy to double check.

Phantom Dash
I think the catching dash frame could travel much faster and last less long. More like Bats speed punch. Unless you ditch the speedy looking frame for a run animation similar to Louis' catch. It is also rather hard to get a useful wall bounce with this, if any at all.
Phantom Punch
You might want to stay inside the rising fist frame longer before going into the jump frame (until the very top of the arch). Else the animation looks really weird if you don't do anything in the air. Just give it the same state and hit_ links as the jump frame to enable the combos.
Phantom Guard2
I gotta admit I don't like heavily pre scripted combos like this one. Although having an up and down version of the phantom guard is a good idea (like Johns heal and Woodys teleport).
Phantom Kick
Only the sudden teleport without any sound or animation to back it up breaks this. Visually the sudden movement with little regard to inertia doesn't feel right and for the game play you should at least limit the teleporting range.
Phantom Punch and the loss of air combos
I don't see why the previous combos should not be possible any more. Adjust all the itrs and throws and you should be able to reconnect a lot of things. Also don't drop the jump punching. I really like that part.
Phantom Guard2
To begin with you could try changing both your counters from being an extra character file to this: http://www.lf-empire.de/forum/showthread.php?tid=9084
It's much more fair for the attacker, as he can get past it with a strong hit. You have more options for it (front and back action). And it's less clutter inside the character selection and data.txt.
I think it would be best for both of them to essentially be the same, with a situational twist (like John/Woody mentioned above). DvJ is the quick option that dispatches the opponent fast and reliably (no flipping), while D^J is a combo starter. This difference is enough for me (considering they are one and the same move, but using a different option).
If you do make the change to the cpoint counter, here is what I would also change:
Make the counter stance itself much longer, maybe infinite with the option to move out of it at any time. And use something that looks more 'ready' than 'I'm dizzy'. Here is an edit of the drinking frames that could do:
This thing would have the advantage of being easier to use (timing doesn't have to be as accurate, you can cancel any time, it could work for front and back hits) and the disadvantage of not countering stronger attacks.
Phantom Kick
It could work as a pure follow up, but even then you need to limit the teleport range. Otherwise you may still just start a different move first, simply to get to this one and teleport all over the background. I still wonder why you don't have this aerial downwards kick on J+DvA and the upwards one on J+D^A instead of inverting these directions and replacing one with a rather unfitting aerial arm swing.
Lack of variation
The super attack would be much better off with an uppercut (D^A) that doesn't make Walker jump (stays on the ground with a raised fist).
Either jump or dash attack could use the animation you currently use for J+D^A. This would be all the variation you need on the basics without requiring any new sprites.

General
The character still has quite a few jerky motions with misaligned sprites. The defense frame for instance isn't centered correctly (feet shift around if you press D+><><><...). There are also quite a few swing sounds for attacks missing, making the punches that do have a sound stand out in a weird way.

edit: went through the thread again and I still like this as his run attack:

Also should you ever consider making him run again I would really love to see this as his run attack:

Similar to Woodys, except you would need to continue a combo after the second hit as the last one knocks down.