Guidouil's answer put me on the right track. I had to add one additional symlink to /usr/bin/, and I did direct symlinks for all 3 - see below.
I'm installing on Ubuntu server Natty Narwhal.
This is exactly what I did.
cd /usr/local/share
sudo wget https://bitbucket.org/ariya/phantomjs/downloads/phantomjs-1.9.7-linux-x86_64.tar.bz2
sudo tar xjf phantomjs-1.9.7-linux-x86_64.tar.bz2
sudo ln -s /usr/local/share/phantomjs-1.9.7-linux-x86_64/bin/phantomjs /usr/local/share/phantomjs
sudo ln -s /usr/local/share/phantomjs-1.9.7-linux-x86_64/bin/phantomjs /usr/local/bin/phantomjs
sudo ln -s /usr/local/share/phantomjs-1.9.7-linux-x86_64/bin/phantomjs /usr/bin/phantomjs
And finally when I do
phantomjs -v
I get 1.9.7
If anyone sees any problems with what I've done, please let me know.
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