My opinion has completely changed since that last post.
When you look back at it, it was weird that they composed, wrote and recorded this whole song for the movie soundtrack, and then don't make a scene around it. It was only used in the credits. So, unless it was planned to base an episode around it before the song was made, I think it was a great idea to make an episode around the song, as it's really a great tune - I used to listen to it all the time back when the soundtrack was released.
I think the episode is actually quite funny and a good episode. I like how SpongeBob helps Squidward and they actually get along - it's kinda sweet.
I love the end too.
Squidward: How long do we have to keep this up?
Mr Krabs: Just till his little heart gives out, Squidward. Just till his little heart gives out.