This show is classic "Friends" - one of my favorites! In my opinion, "Friends" really didn't hit it's stride until season 3, but there were some really amazing episodes in the first 2 seasons and this is one of them.
The scene in which Chandler is making fun of the bracelet still cracks me up and it's always nice to see the sensitive side of Joey.
But the real star of this episode is the prom video where we finally see the characters in high school and realize the depth of Ross' feelings for Rachel. Rachel realizes this too, which is why she kisses him, thus establishing their relationship.
I think this was a brilliant move on the part of the writers because not only did they give us a hilarious glimpse into the past and finally get Ross and Rachel together, but they also made us care even more about this relationship because we saw just how much Ross loved her and became even more invested in the relationship.
Overall, this episode is funny and poignant, while also moving the plot of the show forward, something that is frequently forgotten in many sitcoms.