This review is based on the aired versions of the episodes, and as I understand it, the tape versions are the same. It's impossible to do a complete review without mentioning a major problem with the tape - it's out of the airing order. This is the intended ordering of the episodes: 9.A Tragedy of Telepaths 10.Phoenix Rising 11.The Ragged Edge 12.Day of the Dead. Now, with most shows (X-Files, Star Trek, etc), episode ordering is not important; but B5 relies heavily on a 'plot arc', and in this case, "A Tragedy of Telepaths" leaves some things unresovled, which are supposed to be picked up in "Pheonix Rising".
Other than that, however, both episodes are well worth watching. "Day of The Dead" is written by Neil Gaiman, and is one of the best of the early 5th season. It's guest charachters are some of the most interesting that have dropped by B5, and I especially liked how Capt. Lochley's past was fleshed out a little.
"A Tragedy of Telepaths" is good, but is most important in the way it sets up the Byron situation for the next episode. The Londo/G'Kar thread was okay, and resolved something that had been off in the background for some time, something most viewers had forgotten about by season 5.
If you didn't record these when they aired, then I suggest you go out an get them, though the episode order is annoying.