It's average in quality:
First of all, it is mostly a Dawn-centric episode, so that automatically counts against it.
The plot with the zombie/ghosts seemed very 1st Season-ish, which fits in with the whole 'back to the beginning' tagline.
Spike revelaed being insane in the basement was a pretty dramatic revelation, since we really had no idea what had happened to him after he had gotten his soul.
The ending was AWESOME. Also tying in to the phrase 'back to the beginning' again, seeing Warren, Glory, Adam, The Mayor, Dru, The Master (And therefore, The First) after more than a season's absence (Excpet Warren) almost makes the episode worth it all.