I love this episode a lot! I make sure to watch it every year on Valentine's Day! <3 I love the fact that it is a Valentine's Day episode that is not centered around romance since those stories are pretty rare to see.
I love how it shows how much Spongebob cares about everyone in town. The first half is so sweet, with Spongebob's plan to give Patrick the giant balloon. When the plan starts failing though, that's when things get interesting. Patrick's angry face when Spongebob tells him he got him a handshake kills me. Plus Patrick's rage at the end is my favorite part. I've been quoting "I defy you, heart man!" for years!
I understand people not liking this episode much, but I really love it.