It has has a change of tone; the scary imagery and action-based plot is a cool new take on SpongeBob SquarePants.
SpongeBob and Patrick getting locked inside a toy store is an interesting plot.
The music is fantastic.
SpongeBob looks cute in a tu-tu.
The tense scene where SpongeBob and Patrick get ready for action is cool.
It's very funny, like plenty of episodes in the series are.
"I let you down, we find the light switch, and everything turns out PEACHY!"
The animation is still quite good, though there is at least one error.
"Nothing can stop it!"
Bad Qualities
Some fans will not like the slightly scary scenes.
SpongeBob's line about wearing a "man-tu" is a pretty weak setup for a joke and it managed to make a sexist quote. The "extra support" in his line implies that men always get more support, which is barmy, uncanny, and untrue because regardless of gender, everyone gets support (for the most part).
Patrick is still not too likable in this episode as convinces SpongeBob to hide in the toy store so they won't get kicked out.
It's often argued that this episode is far more similar to the Rugrats episode, "Toy Palace".
Trivia
This is one of the few episodes of the show to be released on St. Patrick's Day.