Really REALLY REALLY underrated episode. I know only parts of each of the two battles were shown, but every second of this episode is just pure bliss. The tension of whether or not Ash would win his first battle was broken, now it's time to see how he handles his newfound success and being in the middle of his dream before things get harder. This is Ash on Cloud 9, in its purest form, and the episode explores that to its fullest which was absolutely the best thing to focus on. This is a stage in his character development that could never be captured again, as he just gotten an extremely clean win in his first ever competition match, and it is before reality sets in that he is inevitably going to screw up given his inexperience. Oh, and Team Rocket shows up for a little bit, but it takes up so little of the episode that it's not worth talking about.
For what is shown of the battles, there are some really cool shots in there.
In hindsight, my favorite thing about the Indigo Competition episodes was how little they focused on the battles compared to Ash's character development. Having so much of it occur WHILE Ash is living out his dream is such perfect writing.