This episode was not very good, even by this season's standards. However, it was much better than that last two new episodes, and at least had some redeeming qualities.
It was hilarious seeing everyone's reaction to Jerry's new kitchen, and it was funny when George was trapped under his desk with Steinbrenner in the room. Elaine also seemed to be more cheerful and silly, more like her old self. Kramer in the East River--uh....that never really took off for me, and those scenes at the pier were distractingly fake.
The low point was that idiotic bomb disposal unit. Don't tell me Seinfeld has sunk to using lame schtick like that just for laughs. The whole idea was dumb, since George could have simply told Steinbrenner that he kept a clock in his desk. (Incidentally, the way Steinbrenner loves all of George's ideas, i.e. uniforms in a pizza oven in "The Calzone", George could have admitted he was taking naps and Steinbrenner would have loved the idea. "Keeps the employees well rested. More productive. Big Stein's onto something!")
Did anyone else notice that Steinbrenner's hair is much whiter than it used to be? It looks fake. Also, whoever does the new Steinbrenner voice is really good. If I didn't know Larry David used to do the voice, I wouldn't be able to tell the difference.