Peter Graves replaces Steven Hill and the show doesn't miss a step. From the get-go, Jim Phelps has a more active role in the mission (undercover as the chemist) that Dan Briggs had most of the time, and shows cool leadership on the team.
Aside from Graves, it's business as usual for the IMF. This is a solid episode, with an elaborate con that uses numerous fronts and dupes. The "elevator crash" is nice, and reminded me of the set-up from Season One's "The Train." William Windom returns as a villain, and does another stellar job. He looks like he could be a kindly doctor or a businessman, but he's effective as a ruthless heroin kingpin. Good balance of work for the team.
All in all, it's a good introduction to Phelps and proves that no matter who was in the lead, "Mission: Impossible" was still going strong.