Band Geeks recieved widespread critical acclaim among fans, critics and viewers. The episode was awarded and honored at the 2002 Golden Reel Awards for Best Sound Editing in Television – Animation category. This episode is almost always cited as the best in the show's history.
As of September 23, 2019 the episode along with "The Secret Box" have a 9.8/10 on the Internet Movie Database, making them the highest rated episodes of SpongeBob SquarePants on the site, along with the 53rd highest rated episode of a show overall.
If one looks closely when SpongeBob points his left finger while singing Sweet Victory, they can see the Best Friends Forever Ring from "The Secret Box."
This, "Frankendoodle ," "The Secret Box" and "Krusty Love" all have SpongeBob with a darker shade of yellow, matching his colors in Season 1. It's possible these episodes were animated before the animation directors decided to change SpongeBob's yellow to be much brighter.
This is further supported by the fact that SpongeBob's colors change during the Bubble Bowl performance to his newer color palette.
The following scenes from this episode have become popular memes: