Coming after "The Bizarro Jerry", this episode is somewhat more "normal", though it has its fair amount of weirdness.
The plot is divided into two story lines. In one, Jerry and Kramer go see the movie Death Blow with a friend of Kramer. Inside the movie theater they find out that he is a bootlegger. Eventually they get caught in this illegal business and Jerry becomes and bootleg artsy master. In the other story George and Elaine star a love-parent triangle between the two of them and one of Elaine's employees. Thanks to some commentaries Elaine gives to Anna (the employee) about George being a "bad seed", Anna now has the hots for George for his "bad boy image". The rest of the story revolves around George trying to be as bad as he can and Elaine, acting as Anna's mother, trying to set them apart. On a secondary note, Elaine has trouble keeping the respect of her staff following the incidents in the office party. This is the most memorable scene in the episode.
On a more analytical point of view, this episode has a realistic world and at the same time it touches with some absurd ground. This ground being the mother-daughter relationship between Elaine and Anna, George's shifted personality and Jerry suddenly becoming an artsy filmmaker (and that random ending). It makes sense with its own absurdity, even if this absurdity is somewhat more tamed than in the previous episode. On a side note, the two story lines are great but they never interact or collide with each other. Not a particular bad factor but a key factor to Seinfeld standards.