The episode is a good performance in terms of acting, dialog, a watertight storyline, and above-par make-up.
The time chosen is Thanksgiving Day, and rewinds to the day in the years 1. 2003 2. 2002 (with Niles and Daphne returning from a trip) 3. 1999 (with an Uncle Sam impersonation by Frasier on the occasion of the Fourth of July, and him, Roz, Daphne, Niles and Frasier getting locked out on the balcony) 4. 1998 (Daphne has just joined the Crane household just as Frasier and Roz are unemployed, and Niles has taken to drink while staying at the Shangri-La due to his bitter divorce with Marris. Roz has gained employment as an explicit call-line voice attendant. Daphne is trying to be on the good side of everyone (especially Niles), while fretting over the possibility of getting sacked) 5. The last flash is to 1996, with another good act pulled off by the cast, going back to the roots of the (then) newly-united main cast of Frasier, Martin, Niles, Daphne and Roz. The setting for all of these flashbacks is Frasier's apartment's living room and kitchen.