I'm going to break this review into sections, much like they do with the plot summaries for each book and episode on Wikipedia. This review will contain spoliers.
In King's Landing
I thought that this section of the episode was somewhat slow compared to normal, but I understand that they need to pace the show and they had to provide a more plot-driven episode this week to counter the action-packed episode airing next week. I enjoyed Tyrion's clever deceit when he realized that Cersei had mistaken the identity of Tyrion's lover, but beyond that I didn't get much enjoyment out of this section. I predict that the battle for King's Landing will be won by Stannis, but I just don't know what will become of Joffrey and the Lannisters in that event.
Beyond the Wall
I'm glad Ygritte stood up for Jon when he was ordered to be killed, if he does end up dying (I have yet to read the books), it's just too early on in the series for it. I'm excited to see what happens when he is introduced to Mance Rayder. I predict that he will be kept as a prisoner of the wildlings.
As much as I don't want to root for Tywin Lannister, I believe he's smart to seize this oppurtunity to get a win against the Stark forces. It was also clever of Arya with the way she got Jaqen to help her escape from Harenhaal. I'm curious to find out what happens with her on the next episode.
In the Westerlands
Catelyn Stark's actions with sending Jaime Lannister to be traded for Arya and Sansa frustrate me. There is no way that Joffrey and Cersei will agree to that offer, but they'll still take Jaime back by force once he's right in front of them.
On the Baratheon Ships
Not much happened here on this episode. It doesn't come as much of a surprise to me that Stannis wants to name Davos his Hand in the event that he takes the throne.
Across the Narrow Sea
Daenerys has always been far-fetched with her plans, but I understand where she is coming from here. If I was in the possession of three baby dragons and they were taken from me there's no way I'd just walk away and try to forget about them, regardless of what I would have to go through to get them back. My prediction is that we won't see the end to this small story arc until the beginning of the third season.
Theon is a horrible ruler, and an idiot. His power should come from the trust of his people, not their fear of him. He's become completely ignorant. How could he possibly believe that word of his takeover of Winterfell has not already reached the Stark camp? I predict that he will be dead by the end of this season.
All in all, this episode was harder for me to get into, and probably my least favorite of the season, but it's still Game of Thrones, even at it's worst it's still amazing. Even the slow episodes are important because they progress the story into the action.