There's a lot to like in "Perchance to Dream." Richard Conte gives a great performance as a man scared out of his mind and the cinematography is fantastic, evoking a spooky, almost European influence on the dream scenes. But, unfortunately, the episode as a whole falls flat.
Maybe it's because we're rushed into the premise - it's all explained in a first act packed with exposition. We hear about Conte's childhood discovery of his very over-active imagination, but it doesn't resonate. Good as he is, Conte is still filling in background, and it's not very exciting.
The framing device of the shrink's office is interesting too, but it leads to a very static episode. And lastly, the "twist" is neat, but could have packed a much bigger punch if the set-up had been better planned.