By no means is this episode great, but it is definitely one of the better ones of the terrible Season 6. It's got a pretty decent plot and some decent humor as well. It's also good to actually see Patrick be called out for his jerkish behavior for once, that's something rarely seen if at all in the dark age of SpongeBob. I also didn't mind the gross giant ball, because it is a nice way to wrap up the plot and get rid of Patrick's nose rather than just doing something cheap like cutting it off or having Patrick just pull it off, or something along those lines. Plus, unlike The Gift of Gum, since it's only on screen for a few seconds, it is definitely not in there long enough to really be seriously grossed out by it (helped even further by the fact that Patrick is also grossed out by it).
So yeah, not the best episode by a long shot, but I think it deserves more recognition as a pretty decent outing in a crap season.