After failing to steal the Krabby Patty formula once again, Plankton decides that he is tired of eating "holographic meatloaf" and wants to switch lives with Mr. Krabs, believing that he will have a better life. Plankton does so by using his machine he invented, and wakes up in Mr. Krabs' office, wearing his uniform, and sees a name plate reading "Mr. Plankton" and a photo of him with Pearl. Plankton realizes that he has successfully teleported to a universe where he was successful, and has an alternate SpongeBob give him two Krabby Patties for "bun inspection." While Plankton is in his office, drooling over the Krabby Patties and celebrating his new found power and wealth, SpongeBob suddenly appears for his weekly performance review.
Plankton tells him that he's fine the way he is, but SpongeBob persists and demands that something be found wrong with him, Plankton relents and tells him he has been using too much sauce, which contrary to his insistence of being criticized, SpongeBob gets shocked and starts to make weird shuddering noises while twitching. To calm him down, Plankton promotes SpongeBob to "co-cashier," much to the disdain of that universe's Squidward, who enters his office to complain and wants his view to be a little less yellow, and is then made fry cook while Plankton replies, "I hope you like gray!" Before Plankton can get back to his Krabby Patties, an alternate Pearl, now his daughter, comes into the restaurant, asking for an "advance" on her allowance.
An alternate Mr. Krabs, who now has the life of Plankton, and is completely naked, as Plankton normally does not wear clothes, appears, with a Krabby Patty in his hand. Plankton is confused as SpongeBob tries to shoot Mr. Krabs using a cannon that shoots out clothes, and throws the Krabby Patty to Plankton after Mr. Krabs is shot with a bra, he is though still confused about what is going on.
As Mr. Krabs leaves, the people at the Krusty Krab give a "victory screech." Mr. Krabs tells Plankton that he will come back every day as he says repetitively, "And the next day, and the next day, and the next day-" Soon, when he leaves the Krusty Krab, he calls Plankton on a phone and repeats the lines to him over and over again, Plankton then screams and he wakes up in his reality. The episode ends with him saying "Holographic Meatloaf. My favorite!" and Plankton eats happily.
The Dutch title of this episode is "Hoe het is om meneer Krabs te zijn" meaning "How is it to be, Mr. Krabs?"
The face that SpongeBob makes when Plankton says he uses too much sauce has become a popular YouTube meme for its bizarre nature. The "Oh my goodness! SQUIDWARD!" quote, the victory screech, and SpongeBob's "SOILED IT!" have also become Internet memes.
This episode reveals that Plankton is Plankton's last name, not just his name.
This is one of the few episodes where Plankton actually succeeds in one of his evil plans, though he quickly decides to abandon it once he realizes that living Mr. Krabs' life would be too difficult for him.
When Plankton says "Reunited, and it's going to feel so good!," it's a reference to the Peaches And Herb song called "Reunited." It can also be a reference to "it feels so good to reunite," a quote from Creed's 2001 hit "My Sacrifice," which was released several months before this episode aired.
When Mr. Plankton says: "What, did I say the secret word or something?" is a reference Pee-Wee's Playhouse.
The title "The Algae's Always Greener" is a pun of the saying "The grass is always greener."
When Plankton says: "Rolling stones gather no algae.," it is a parody of the saying "Rolling pebbles gather no moss."
When SpongeBob is shooting Krabs with the clothes cannon, he references a rule common in the restaurant business: "no shirt, no shoes, no service."
When SpongeBob says "Knick-knack, the Patty's back!" it is most likely a reference to "knick-knack paddywhack" in the song This Old Man.
When Plankton is sitting at his kitchen table and he has a can of soda on the table, between frames the can shifts to the edge of the table right before he picks it up.
When "Mr. Plankton" is realizing he is in the Krusty Krab, he is wearing no clothes. However, when he finally realizes he is in Mr. Krabs' place, he is suddenly clothed.