This episode is like Can You Spare a Dime? if Squidward was replaced by the Flying Dutchman. And if you took away everything that made Can You Spare a Dime? good.
Okay, but seriously, I don't like this one at all. It could have been good, but there's nothing funny in it except "The Power Within" (which only got a smile out of me) and the Dutchman's tricks are more gross than they are scary/creepy. Also, let's not forget the pointless Squid Abuse at the end. I realize that they did try to scare other people before scaring Squidward, and the reason they scared him was because he said he didn't believe in ghosts, but from what we saw earlier in the episode, nobody in Bikini Bottom believed in ghosts, and what they did to Squidward seemed a lot more cruel and unnecessary.
I also really didn't like the Dutchman in this episode, and I usually love him. What I love about the Dutchman is that he's both creepy and funny. He can bring a kind of dark humor to the show that I really enjoy, but this episode didn't use him well at all. He was just annoying here.
Whoa, I didn't mean to go on that long. I'm pretty sure what I've written here was longer than the review of it on my blog (excluding the synopsis). :P