I bought this yesterday, and if Season 4 has a climactic point, this is it. So far I've watched 3 of the new episodes (Hocus Pocus, Rule of Dumb, and The Gift of Gum) and they've all been great. They're still not really crammed full of hilarious quotes like episodes from the first three seasons, but they're a major improvement from some of the more recent ones Nick's been dishing out. So if you miss the days when SpongeBob made you laugh rather than change the channel, I would highly recommend this DVD.
P.S. The special features kinda stink, though.