The main plot was Ross getting together with Charlie for a night and Phoebe getting back with Mike. I wouldn't rate it anything special though.
And the Rachel sub plot was minor. The focus was to show Ross and Charlie as an 'item', since Ross was alot smarter then Joey, it was obvious Joey and Charlie would never make it as a couple because of his lack of inteligence.
The Rachel part was her struggling to tell Joey her feelings for him.
This episode isn't a laugh out loud episode, more of a drama scene with David and Mike's proposal's.
On the subject, I must admit, i'm glad Phoebe didn't marry David as he was an unwanted additional character that's not fun to watch.