I'd have to say a B- or C+. I liked it, it was entertaining with some really great dialog and fun character moments, but I agree with some of the sentiment from upthread that the Spike story was a little shaky. I think an episode about the games would have been better served by being ABOUT the games; there was a ton of potentially interesting stuff going on in and around them, such as the games themselves (would have been cool to see more of the events), Dash's development, the Wonderbolts, Twilight sitting up in the Princess Skybox, etc. And the above mentioned fun character moments came mostly from everyone else; I would have loved to see more of the CMC, Snowflake, the 'bolts, etc. in the context of the games, after getting to see all of them preparing for their parts in the games earlier in the season. Instead it focused on this Spike storyline, which felt like it just sort of bounced from one part to the next between Games scenes (which is odd since, ostensibly, the Spike story was supposed to be the "A" plot, not the other way around.) And I agree with Count Zero
that it might have been more interesting to see Spike resolve this without the opportunity for heroics.
So while I did enjoy watching it, I feel a little disappointed by it, particularly in terms of what we could
have gotten with an episode focused more squarely on the games themselves and not on a personal dev story for Spike.