This episode deals with some heavy themes - death and religion - but it does it with a light touch, which is a refreshing change after the lack of subtlety in Infection. It also introduces Commander Sinclair's on-again-off-again girlfriend Catherine Sakai, and new aides Na'Toth and Lennier for G'Kar and Delenn.
This episode is a great example of how the show was set up so no one was irreplaceable. G'Kar's aide Ko'Dath has died between episodes in an unfortunately-timed airlock accident, and he's immediately suspicious that Na'Toth arrives not long after he receives a message saying there's an assassin after him. In reality, Ko'Dath actress Mary Woronov had to drop out because she couldn't tolerate the Narn make-up, and her departure is worked into the story in a way that works with the plot. Likewise Blaire Baron, who played Sinclair's girlfriend Carolyn in the pilot, didn't want to return for the main series. During a conversation between Sinclair and Sakai it's revealed that Carolyn left not long after the events of the pilot, and that the off-again-on-again relationship with Sakai predates her - they don't pick up where they left off if either of them is seeing someone else.
The specifics of the contract are that G'Kar should live in fear of the assassin, then be tortured, before being killed 48 hours after watching the message. He does know both fear and pain before being rescued by Na'Toth. G'Kar is proud, and one thing that's slipped in here is his refusal to give the assassin the satisfaction of hearing him scream, a facet of his character that will be important in season four.
While G'Kar's waiting for an assassin, the station is hosting a week-long festival for all the different species to show off their religions. The Centauri contribution is an over-indulgent feast, in which a drunken Ambassador Mollari crawls on the table and kisses the bottom of the goddess of love. It's a tradition dating back to a conflict with the Xon, who once shared their homeworld, and is a celebration of survival. The Xon were presumably a sapient race, as Mollari describes them as a "dominant species" and tells a poor taste joke ("Do you know what the last Xon said just before he died? Aaarrrgghh!"), which positions the Centauri as aggressors even before their subjugation of the Narn. It may even be the reason they're conquerors by nature.
The Minbari perform a rebirth ceremony, in which Sinclair participates to Delenn's obvious delight. Sakai ribs him afterwards that it also doubles as a marriage ceremony, and this throwaway comment takes on a greater significance in hindsight, perhaps being a declaration of intent on Delenn's part. The introduction of Lennier also gives an insight into wider Minbari culture and the larger plot. He won't look at Delenn at first, because her position as a member of the ruling council forbids it. She gently persuades him to look up, then pulls rank and forbids him to speak of her true identity as the Minbari are hiding it from the others. When asked if he understands he replies "No, but understanding is not required, only obedience."
The religions of the other races, including the Narn, are mostly absent apart from a Drazi pilgrim trying to bring a ceremonial blade aboard the station. Since Narn religion features quite heavily in an upcoming episode this is likely a deliberate choice in the writing. Their lack of participation isn't remarked on, so it can be assumed by the viewer that they participate or not - and its certainly easy to imagine they'd refuse to "put on a show" for any audience that included the Centauri.
At the end of the episode, Sinclair introduces the ambassadors to a long line of people from various Earth faiths. It's meant to show of how all religions are equally important, but it feels like a crammed in way of dealing with how you include Earth in the festival without upsetting any viewers. The festival is meant to showcase the dominant religion, and dominant and important are not the same thing. I'm not sure there was a more graceful way out of it, however, and the long line of people to meet suggests faith is still important in the twenty-third century - important in a show that puts it in the centre of the main story