This episode is a landmark in the relationship between Beaver and Larry Mondello. The two best buddies get in a fight, then patch things up by making a friendship pact based on the ancient legend of "Damon and Pythias." Ward had told this legend to Beaver in order to illustrate the importance of loyalty and friendship, but as is so often the case the kids misapply the lesson and Beaver ends up taking the fall for Larry. Fortunately, Larry ends up doing the right thing in the end.
The buildup of Beaver and Larry's argument is most amusing. Also of interest is the scene where Ward tells Beaver the story of Damon and Pythias in his room (with Wally listening attentively on the sidelines, even though he had wanted to go downstairs and watch TV). A nice detail in this scene is Ward lounging appropriately Grecian-style next to Beaver as he tells the ancient Greek tale, with Beaver following suit. It's like a Socratic dialogue between father and son.