The Bonding is one of my favorite TNG episodes. I've never understood why so many find it lacking.
I thought it was an emotional hour crammed full of nicely done character scenes--Troi/Picard in the turbolift discussing having children onboard, Riker/Worf, Worf/Jeremy, Bev/Wes talking about Jack and his death, the reflective Data/Riker exchange in Ten Forward where Data tries to understand how familiarity affects the weight of a loss felt by a person and Riker bringing up Tasha with that poignant statement about if every one felt the loss of a single life as keenly as we do of that of a loved one history wouldn't be so bloody. Troi was put to good effect here and her counsel to Worf or Picard or Jeremy all rang true. I liked Wes' role and how he finally opens up about blaming Picard for his dad's death.
I loved Picard's speech at the end of the hour about death to the entity was quite moving. I enjoyed the mystery and the idea that there had been two forms of life on the planet and that the non-corporeal beings had witnessed so much death that they felt compelled to spare Jeremy suffering. And I actually liked Jeremy and I thought the scene at the end was a nice way to close the hour out.
Overall everything just felt natural and real.