I thought this was an intelligent, mature story which made excellent use of its characters. The Satine-Kenobi relationship is quite interesting and complex. And putting Satine and Padme together -- great subtle parallel between those two women, and how the choices of Anakin and Obi-Wan are so radically different. Alongside the very insightful discussions about power -- and when to use it in the name of "protecting" people -- make this one of the best written episodes so far (incompetent assassins notwithstanding).
And I agree with those who said that this was a very cinematic-looking episode. I loved the establishing shots of the Separatist fleet, the Senate, Coruscant. And the soundtrack was enjoyable, too.