You know what's weird, I was going to post in this thread a few hours ago saying how I was surprised there had been no replies, then you guys go and spoil it all by posting two replies by the time I get around to doing it! :P
This is one of those episodes which is the closest a cartoon like SpongeBob can get to a "bottle" episode (where the characters are just in the same room for a whole episode in real time). You have the lather, rinse, repeat narrative of Squidward going home to relax before thinking SpongeBob is up to something (which gets crazier as the episode progresses) before he rushes down to the KK where SpongeBob without fail asks, "Have you finished your chores yet?". And whilst sometimes this kind of plot can get boring with other shows, it just gets funnier with SpongeBob - animation is limitless. Squidward just looks weird by the end - but the conclusion is hilarious. The way SpongeBob delivers "We forgot to turn the closed sign... to OPEN!" is hilarious. And the way Squidward just has a meltdown too.
I need to get around to re-watching this episode - it's one of the best Squidward episodes, up there with the Krusty Krab Training Video and Squidville. I don't think I've seen it in a long time, even compared to when I was still regularly watching Nickelodeon and SpongeBob.