Ross and Rachel take another step toward being friends, by Ross sacrificially helpful Rachel when she is injured. They have a nice moment, and instead of it leading to a reconciliation, it seems to move them forward in friendship. I believe they broke up Ross and Rachel too soon, most likely bowing to pressure for the networks about big ratings. So this moment was necessary to keep them together as friends and keep the show going.
Monica finally moves forward with her career and with Pete. I like the actor who plays Pete, but at this point in the season, you nearly forgot he was around. They shouldn't have waited so long to bring him back.
This was also the beginning of one of the best running story lines of the show - the chick and the duck. Some really hilarious jokes came out of these two animals overs the years. 'What did the **** duck do now?" "He did not each a jar of your face cream..." I also think the last scene over the credits is one of the funniest they've had over the years.