I suspect people's reactions to this episode are going to be tied to how much they like Bobby. I love him, so I really enjoyed this.
I had no idea this was basically going to be a comedy episode--I was expecting something really serious in his attempt to get back his soul. But OMG, I would totally watch the Rufus and Bobby odd couple hour as a spinoff. "You had a bamboo stake blessed by a Shinto priest?" "No, I had a woodchipper." "That pretty much trumps everything." HAHAHAHAHA. I also loved how Bobby wanted to boil the ring in water before he would take it. Hee!!
I also really loved his interactions with Crowley--I'm only sorry they didn't kiss when he got his soul back, because I do love enemy slash.
I feel kind of bad for him, though--it's clear the hunting world would collapse into a heap if he weren't around to advise them and fake being their FBI supervisors. I thought it was really fun to get a slice of his everyday life. The only thing that would have made this episode better, I thought, was romance with the sheriff, who pretty much rocked. It's great that he has an actual adult who can know the truth about him.
And while I wanted to hear a little more about Dean's suspicions about Sam, I really loved Bobby's rant--because from his perspective it is SO true. They do kind of act like his life revolves around them. (The curse of being a minor character!) I loved that they really will do anything for him, up to and including Dean conquering his fear of flying.
I don't think I noticed anything special about the directing, but I'm going to go read what other people thought of Jensen's directorial debut.