This is a pretty divisive episode, what with the pseudo-dream-sequences and unconventional structure. I'm not sure how I feel about it; probably that I didn't particularly like the idea but thought the execution was fantastic.
The filmography is undoubtedly great (iconic images like Tony walking back into the club in the gauze light, showing his fear and desperation and love), and the acting by Hoult especially is excellent, and far beyond anything he achieved in the first season (where he was also pretty damn good, mind).
The bulk of the action is set on a university campus, where Tony goes for an opening day/interview, though you're left wondering how much of it is meant to be real. It's not made at all clear, so it can be taken as a fantasy sequence metaphor for Tony pulling himself together or as at face value.
The main value this episode has for me is for the interaction between Tony and Cassie, with a couple of really humorous, and touching moments. The season's overwhelming sense of melancholy pervades this episode, and it's these two characters who best encapsulate it; Tony for what he's had and lost, Cassie for the really tragic, destructive, unhappy nature of her character. The scene at the end where Tony tells her it's alright with a hug is just beautiful.