Mr. Krabs, in an effort to increase profits and decrease costs, puts SpongeBob into a chef exchange program. SpongeBob goes to work for a restaurant named Fancy!, while the head chef, Le Schnook, works for the Krusty Krab.
Things do not start out well for SpongeBob, as the owner demands that he cook quality gourmet. Unfortunately, SpongeBob is quite literally incapable of cooking anything but Krabby Patties, to the degree where he cannot even fry an egg without it instantly transforming into a patty. The owner continues to yell at him until he actually tastes a patty. Realizing how good it tastes, he begins to sell them to which all the rich clientele enjoy. Eventually, SpongeBob's time there is up and he is eager to return to the Krusty Krab. Unfortunately, that is not what the owner or the customers want, they attach themselves to his ankles and beg him not to go and SpongeBob had to drag them out of the restaurant.
Meanwhile, things aren't going well at the Krusty Krab. Being bullied by Le Schnook into buying expensive decorations, ingredients, and serving food to non-existent customers, the Krusty Krab (and Mr. Krabs) goes completely bankrupt and goes out of business. He sells the decorations, his home possessions, Squidward, and his desk. Le Schnook then gives him a bill for services. Mr. Krabs breaks down crying, realizing what giving away SpongeBob cost him. It is at that time, SpongeBob returns with a massive chain of customers still attached to his ankles.
The episode wraps up with the Krusty Krab opening again. Old and rich new clientele happily eating off the floor like pigs to which Squidward asks if they should even be eating on the floor. Mr. Krabs then responds that the only thing they need is food and love.
This is the only episode where the Fancy! restaurant is seen during the daytime.
If one would play the part where SpongeBob puts the eggs in the pan frame-by-frame, the eggs immediately turn into a Krabby Patty, rather than gradually "growing" into one, as what cartoons usually do.
Running Gags: Squidward choking on 'love', and SpongeBob making Krabby Patties every time he tries to cook.
One of the French customers was the fancy purple fish from "That's No Lady."
It's revealed that one of Pearl's friends (that first appears in "Whale of a Birthday,") who is orange with a purple dress and blue hair ate at Fancy!, meaning that she is rich, because a table for one at that restaurant costs $50,000.
This is the only episode in Season 5 where Pearl's voice is heard.
In this episode, Mr. Krabs exclaimed that SpongeBob was the best fry cook he ever had, but in "The Original Fry Cook," he states that Jim was the best fry cook that he ever had, but maybe he meant SpongeBob was better in a different way, such as being more loyal or making more money.
In Indonesia, Le Schnook didn't say "My eats." Instead, he says "My ex."
It means Le Schnook did marry and divorce, but he is still living with his ex.