It's kind of a nutty episode, but has some great elements in it. I too like the return of the neural neutralizer and the penal colony uniform (consistency). The "password" to beam up was really so obviously introduced to support this story, nothing else--we never hear of it again (big dent in plausibility). It would have been nice if they'd qualified it further... like anytime beaming up from a high security facility, a password is required.
However, the crowning points were definitely Craig and Ihnat. Yvonne was a very convincing Orion slave girl, insatiably sexy. Steve had a very convincing Star Fleet look about him--you could really see him as captain of a starship. And he was a convincing nutcase as well.
If there had been a 4th season, I'd have liked to see him return after being rehabilitated.
Not quite a top 5 for me, but in the top 10.