Becoming trapped in a holographic creation is not new in Star Trek, but as for "accepting" Janeway as a full fledged Captain worthy to follow in the footsteps of Kirk and Picard, this episode is pivotal. I also like it for several other reasons. All the fears of the aliens in stasis become manifested in the persona of a clown. I like that choice because fear does not creep into our psyches with our embracing something that is obviously ugly, dreadful or fear provoking. It is more insiduous and often we will laugh at something we fear at first or at people we do not understand and then later on, become fearful of that very thing or person. Clowns can also be frightening as well as funny.
Janeway's monologue on the nature of Fear and handling of the conclusion of the episode reminds me of the best of James T Kirk and his rousing monologues and as good as any of Picard's Shakespearean-type deliveries. It is quintessential "captain-ness" if I can call it that. The Classic Conclusion to an episode that Star Trek fans look forward to and expect. One that "wraps things up" in a way that touches us, makes sense and inspires us to become better human beings. The best of Janeway and Star Trek.