I was honestly pretty disappointed, mostly for reasons that Saito states. The truth of the matter is that, as far as I'm concerned, Spike is not good at carrying episodes and never has been. This is made worse by the fact that Twilight and Dashie, who both have very solid stories you could explore (Twilight coping with being part of "the royalty" now in a big way and Dashie's many instances of prepping for this), were support for Spike and reduced to sidepony respectively.
The games themselves seemed really cool from what little outside the flying we got to see, and it's such a huge waste to spend all this on Spike. I also feel that the moral got botched by giving Spike this big heroic second chance. I dunno. The episode feels like it both trips over itself in what it wants to do on its own merits AND utterly wastes a season-long buildup.
It's not to say I hated it; I did enjoy it minute to minute, but I was at least expecting the episode called "Equestria Games" to maybe be about the Equestria Games a little bit more. I give it a C; it has a lot of good moments and it's not bad, but it was impossible for all the missed opportunity not to flood my mind once it was done.