Personally I consider "Good News, Bad News" to be the worst in the already generally-poor first season, as well as the worst in the entire Seinfeld series. The plot is in the same category as many of the classic episodes, but too much time is spent on minute details and doesn't seem like a complete episode. We can see more of Jerry's standup in the pilot than usual, unfortunately this is a detail of the series that was abolished in the end.
But we do see some of the, Jerry's critical over-analyzing, George's decieving plans to woo a girl, and Kramer's (now Kessler) unbelievable eccentricity. Noticably Elaine is absent from this one, but her role begins in the next episode.
Usually pilot episodes aren't much compared to the later episodes. However this episode wasn't all that great as far as pilots go, but thankfully NBC gave it time to develop into one of TV's greates tlandmarks.