I'll be the first to admit what magicians do is amazing. Of course, I know it's all an illusion.
I wonder, though, since it is an illusion, where would he have the audience and cameras positioned? MF isn't just one big tall thing (a la a 747 or the Statue Of Liberty), it spans a large area. Because of this (the length of MF from the last turnaround to the first after the drop is quite long), there might not be any place to sit the audience to give the illusion. Follow?
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How dare you vanquish the Steel Phantom without his consent? Fear the Phantom's Revenge.