Q is a big fan favorite and, judging by the ratings, this is one of the most popular Q episodes. It's significant in two ways – a turning point in which Q changed from a malevolent, antagonistic figure into some sort of cosmic joker/prankster; and probably the only Q episode that focuses on his character, with the Enterprise crew in a supporting role.
This episode functions well as light entertainment. The encounter with Guinan's fork and Data's laugh sequence are clearly the highlights. There are other amusing parts - Dr. Crusher fixing his bad back, "ten chocolate sundaes!" It was a nice twist to have some old Q-hating aliens show up for revenge. But when the whole thing wrapped up, I wasn't left with any particularly strong impression. The "insights into what makes us human" were generally trivial and not at all insightful, and the "mission" of saving generic aliens from a planet-destroying asteroid was strictly 3rd-tier TNG.
That said, this is a stronger episode than either "Q-pid" or "True Q". Not every episode can be a "Tapestry".