Love is much nicer to be in than an automobile accident, a tight girdle, a higher tax bracket or a holding pattern over Philadelphia.

This quote is saying that love is a lot more pleasant than unpleasant experiences. A car crash, wearing a tight girdle, paying a lot of taxes, or being stuck in an airplane circling an airport, are all examples of unpleasant experiences. Love, on the other hand, is an experience of warmth, happiness and joy, which is a much better to experience.