In the DVD commentary on that episode, the writer says his one problem with the show was the bad wig they got for George during the high school flashbacks. He wanted something that looked realistic, whereas the one they used was an obvious fake.
Well if nothing else at least we can agree that Seinfeld was brilliant television :-)
I haven't bought the DVD sets yet but they're on my "must have" list. I still watch the reruns and no matter if I've seen an episode a hundred times it still gets me laughing. Some episodes were better than others but I can't think of a bad episode (save for clip-shows but those don't count).