I have noticed on the IMDb review boards that this is one of the less popular twilight zone episodes. I agree with certain aspects, it's shot on video and comes with all of the limitations that that implies, the set looks cheap and the story is hardly the most interesting thing in the world, but it was interesting enough, at least in that it seems now that Liar Liar may very well be a total rip off of this single episode. If you can watch this movie and not think about Jim Carrey then you must not have seen the movie.
In the show's defense, this one paints a much clearer picture of the society into which it was released, in it's suggestion that all car salesmen and politicians are liars (this doesn't seem to have changed much), but particularly in the ending of the show, which will now be lost on the majority of modern audiences unless they are more familiar with American history than, sadly, most Americans are.
The show was released on the same day that Kennedy was inaugurated, giving it that strange feel that sometimes happens when imagining the normalcy that was taking place just before a national tragedy, although I have to imagine that at the time it must have felt just a bit like some political preachiness.
This is one of the simpler twilight zone episodes in almost every way, but the story moves along well enough despite it's relative lack of creativity, and the performances are satisfactory. It's not the best episode, obviously, but I have to say that you should be able to tell without even seeing it that the hugely negative reviews here on our beloved IMDb are blowing the drawbacks out of proportion...