It's a fun episode. It's not meant to be taken so seriously. Michelle at least admits to disliking Ferengi episodes as a rule, so she's prejudiced to make any kind of objective judgement about this episode. Sure, it could have been a holodeck episode...but it works well within the category of 'Trek Light Comedy', the same as episodes like Deja Q
and Hollow Pursuits
One thing I will agree on: Picard's 'mangling of Shakespeare' scene is brilliant!