I'm writing this in 2006...and I'll say the show holds up pretty well but it is starting to become dated.
About Shadow Dancing...since this program is very serialized you wouldn't want to start here that's for sure.
The best thing about Babylon 5 was the acting of Mira Furlan, Andreas Katsulas, and Peter Jurasik. These three played the main ambassadors that dealt with Earth Force representatives Jeffrey Sinclair (Michael O'Hare, 1st Season) and John Sheridan (Bruce Boxleitner). Delenn of the Minbari (Furlan) grew closer to Sheridan as the seasons progressed and their attraction to one another is becoming even more clear in this episode. They are the key ingredients to the Alliance fighting against the "Shadows". In this episode the lead a fleet in battle against the Shadows and score of narrow victory.
The episode ends on a minor cliff hanger as a character from Sheridan's past resurfaces.
It's a good episode. But definitely not one to start with.