In my eyes, the decision to tone down the extravagance of the previous films clearly doesn't work. But even when compared to the more down-to-earth Bond films, say, The Man With The Golden Gun, this one pales significantly. New director and 80's mainstay John Glen is also pretty mediocre in this first effort by him. The worst has to be watching Roger Moore trying to look serious and lethal super-spy, in scenes that would be more at home in a spy b-movie. Even the occasional goofy humour is of dubious quality. James Bond was always about the glamour and the excess. When you remove these elements all you're left with is the average formula of a standard adventure.
Review of For Your Eyes Only
