First, that was a pretty lame title, it could have been much better, even if it was something like "Waves of Danger" that would have been more tolerable IMO. Anyway, this whole Red Gyarados saga is a cool idea since it fits right in with the games. This episode also explained Team Rocket's plan in a little more detail than the games. We got introduced to Lance, Champion of the Elite 4; he and his Dragonite were very cool. He also explained that he was a member of the Pokemon G-Men, who protect Pokemon from being exploited by humans. I've always thought that since the E4 were so powerful and respected that they'd also have jobs like that, so it makes sense. Watching the Gyarados in this episode, I had to wonder if it ever closed its mouth, because even while sleeping its mouth was still wide open.
After our heroes found themselves lost yet again, I liked Meowth's quote: "What's more ridiculous, gettin' lost or us followin' dem gettin' lost?" And later when Jessie, James, and Meowth stumbled upon the base of operations for TR's plan and were captured, James' quote was funny: "That's just not right! Zero is a gross exaggeration, we are at least 2 to 3 percent worthwhile!"
Lance's detective work to find out about TR's operation was cool, it really seemed like he was a pro at that sort of thing. He seemed a little younger than I had him pictured though, but not by very much. The scene with J, J & M diving down to lure the Gyarados was funny, what with Jessie and Meowth wanting to hang back because they were scared of it. Then James turned around to find it right there and it chased them all back to the surface and got caught in TR's net. Adding a bit of ruthlessness to TR's plan was their shocking Gyarados to lower its resistance first. We see trainers having their Pokemon do that all the time for captures, but it just seems more cruel when done with a machine instead of a Pokemon, and to a Pokemon that they'd abused already by forcing it to evolve. It was interesting how Prof. Sebastian explained the reason for the Gyarados being red though, I don't think that was in the games; that it was a leftover trait from when it was a Magikarp, so TR would need to study it to see how to improve their Evolution Inducement Wave. And the explanation of that plan showed that TR really is a ruthless organization, not the bumbling team of fools that J, J & M make them out to be.
When Poliwhirl and Totodile were trying to help the Gyarados, and TR broadcasted their wave to fend them off, Meowth's reaction was funny:

Meowth: "I'm gonna take a little nappy-poo." (puts its face down in the water)
James: "Meowth, you capsized!"

I don't understand why they all kept calling it "Lake Rage" in this and the following episodes, it's called "THE Lake OF Rage." Anyway, the cliffhanger ending with the trio being caged while TR got away with the Gyarados was suspensful and did a good job of building up interest for the next episode, especially seeing Lance, still disguised, driving one of TR's trucks.