Looks like you've got a phal that is throwing out new roots, so congrats. The plant is at least happy and healthy enough that its ready to start sucking up water and nutrients, so that's a good thing. Keep the humidity up, but make sure that you're not getting water down in the leaf crown (where new leaves form) so as to prevent rot and the accidental death of a recovering plant. Right now its defenses are compromised due to being sick so to speak, so you have to be extra careful to protect it from harm.

Congrats! You have roots.

I was looking for the little piglets ready to nurse. Looks good.

Nick

Thanks for the replies. Will those roots grow back down into the potting medium, or should I plant this baby deeper?

Let the roots do what they want. Definitely do not plant your phal deeper into the mix. They like to sit on top of the potting mix and throw their roots down into the pot. If you plant it too deep, you'll end up with a dead plant.

As far as the roots go, probably most of them will creep down into the pot on their own. If your humidity is consistent and fairly high, some of the roots might grow upwards or outwards and not actually down into the pot. These are aerial roots, and they're perfectly fine. Don't try to cram them down in the pot though because you'll likely snap them off.

the roots will grow into the medium, if you plant too deep, you increase the chance for rot.

Thanks again for the guidance. The roots are getting visibly bigger day by day, and seem to be actively heading for the potting medium. The DH and I are both rather amazed at how this baby seems to have bounced back. If anything turns me into an orchid addict it will be this plant!

Wow, you must be taking really good care of this plant for it to grow 3 nice new roots. Well done:-)