This is terrible. Seinfeld jumped the shark in series eight but I still found it to be quite watchable and amusing, but this episode is something else. None of the plots are believable any level. The worst of these is the title plot, in which Kramer finds the set of the Merv Griffin show abandoned in a dumpster and reconstructs it in his apartment where he starts to converse with his friends like a talk show host. This gag isn't believable or funny.
This episode also suffers from being predictable. In the opening few minutes Elaine becomes freaked out by a work colleague who keeps on ‘sidling’ up to her. You know at this point someone will say "He's a sidler." Lo and behold, someone does. I wouldn't recommend this to anyone.