I actually just watched this episode over the 4th of July weekend as well. I too agree that it's a top episode. Todd, I'd add to your comments something I thought a bit odd watching it this last time - after Nick is shot by Charlie, he's clearly quite injured by the gunshot, yet rather than have Julie drive the getaway car, somehow Nick still winds up in the driver's seat. Overall I thought Don Stroud was really awesome in this episode.
Also - a weird idea I had while watching this (not sure why this was in my head - maybe the Holiday time period over which I watched it?) but I thought this would be a good drinking game episode - whereby participants would be required to do a shot every time Nick refers to Julie as "baby" during the episode.