First of all, this is a direct send-up of "High Noon" (the unsurpassable Gary Cooper version). Right down to the surprisingly catchy "show-down" music!
Then, there's Mel Blanc's falsetto deputy voice. It's the same one he used as Droop Along, the coyote-like deputy of Sheriff Riccochet Rabbit, on the old "Magilla Gorilla Show." And, in both cases, it was a parody/exaggeration of Dennis Weaver's voice, from way back when _he_ played Deputy Marshal Chester on "Gunsmoke!"
I also loved the clever dialogue. For example; as Fred goes off, to face the consequences of his bragging, Barney (looking at the home-viewing audience) remarks that such bravery is "the stuff legends are made of."
To which, Betty and Wilma reply (in tearful unison): "And, widows, too!"
Of course, shortly afterward, comes the nick-of-time arrival of the Cartrocks (Stone Age versions of the "Bonanza" Bunch).
Yessiree, Bob! This episode is a series classic, in every sense of the word.