This is one of the classic episodes of Seinfeld; the gang is waiting for a table at the Chinese restaurant, and that's it. That's the plot. They stand around and talk, and it's one of the best episodes of the series! The only thing that would make it perfect would be if Kramer had been there with them; unfortunately, this is an episode that was filmed to be shown early in the second season, but the network execs were nervous about the lack of plot, so held it back. At the beginning of the second season, Kramer never left the apartment building... which is why he wasn't there.
This episode really shows the strength of the Seinfeld series; the characters, their chemistry with each other, and the writing. Because that's all this episode has, and it works beautifully!