It's very overrated, honestly.
The episode is very forgettable and average. People only remember it for the surreal sequence Squidward goes through, which felt very random and out of place.
I like PIEGUYRULZ's theory with Squidward being under lots of pressure, and passing out in the locker (if I'm remembering that part correctly?), and I feel the episode should've delved into that more to make the surreal sequence feel much more natural to the story.
