What a fun, campy episode this one is! It takes place on the hollodeck in a black and white parody of a 1930's Buck Rogers serial. A photonic alien life form from outside of Voyager has accidentally gotten into a battle with Paris's hollo-nemesis, the evil Prince Chaotica. That battle is holding Voyager in a subspace riff, and it's losing power. So members of the crew dress up and ham it up in the hollodeck.
It's a snappy little script, full of jokes and asides, and Janeway is particularly enjoyable as the vampy Queen Arachnia. The story is also highly self-referential, and not all viewers may enjoy that. It's a story about a story, and brings you in full consciousness that you are watching human actors pretend they're in space. You won't go into outer space with the gang in this one, but you will get that feeling like when you're watching a fun play, when all the actors are having a good time and the audience is in on the joke. I love it when series do episodes that are far outside their norm. If you like camp, you'll love this little episode. If not, then you might want to pass.