I think narratively it is definitely one of the strongest fights in the series, and had the first truly epic action animation oriented episode of the series(I think that the only other precursor would be episode 616, which was Smoker vs Vergo funnily enough).
It has definitely been surpassed on the action animation front, but I think it still holds up really well.
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Best Luffy fight for sure. Imagine if G5 was as smooth as this instead of a filtered mess
Gear 5th is objectively a ton smoother than Luffy vs Katakuri.
Like, if anything, your issue with it is that the animation is too smooth lol.