A lot of other people give this episode a hard time, but I actually kind of like it. Sure the main plot is mediocre, but at least the main characters have a bit of fun with it. Aside from the basic nature of the plot and the fact that Spike isn't in it, there's really nothing bad here. This is a decent episode that has a self-contained story and some interesting discussion about sacrifice in it.
One of the most notable things is the introduction of Oz though. Television writers everywhere should take notice here, because this is how you introduce a new main character into an already running show. Oz doesn't speak to one main character all episode long. It's also cute that he 'discovers' Willow when all covered up in that Eskimo costume. Oz is going to be slowly introduced to the main characters separately over the course of several episodes coming up, which is just really cool and so not contrived.
The rest of the episode is really about Xander and his running theme of always getting demon dates. It's amusing to know that this will never stop (see foreshadowing section). The mummy girl really does care about Xander and really doesn't want to hurt him. What happened to her was tragic and not her fault but, obviously, what she is doing is wrong. I also really like her conversation with Buffy in her room about sacrifice because it exactly paralells what Buffy went through in Prophecy Girl (1x12).
I also want to mention how much I liked the way Willow finally gave up on Xander romantically. Xander has not shown any kind of persistent interest in that kind of relationship with her from the start, so she wisely decides to move on. She isn't angry or bitter about this revelation either, which is nice. This sets up her emotional readiness to begin a relationship with Oz beginning in What's My Line? Pt. 2 (2x10).
The production values are pretty good and the music was perfect to set the mood of the happenings. There's not really much else to say about this. I simply think it is an amiable stand-alone and nothing more.