Oh, come on, after The Man With the Golden Gun, we needed something, you know, good.
The Spy Who Loved Me is Roger Moore's third outing as James Bond, his first in Proper Cinematic Widescreen (2.35:1), his first "shaken not stirred" (although of course he doesn't get to say it), and the first time the Bond actor is credited as "Ian Fleming's James Bond" (definitely a lie, it's Roger Moore), has his face appear in the titles, or wears a tuxedo in the gunbarrel. Other than that, it's You Only Live Twice, right down to the choice of director, only now performed through the medium of underwater ballet and Bond doesn't "die" in it. No, wait, I take that back. He does in fact get fake-shot in both.
It's okay that it's not Ian Fleming's James Bond and it's okay that it's Roger Moore. For the third film in a row, he's the only Bond who could pull this nonsense off. I've said before that a franchise broad enough to encompass both Moonraker and Quantum of Solace is a very weird beast, and it's largely Moore's fault that it lasted long enough to do either. (Very annoying that all three of his successors have gone, with varying degrees of sincerity, the Connery/Fleming route instead of the far more entertaining Moore/Gilbert one. Yes, it's true that a Daniel Craig movie with Baron Samedi in it would have been nigh incomprehensible, but so was Spectre, and this would at least be more fun.)
Along for the ride are Curt Jurgens as this entry's Notfeld, Barbara Bach as the cleavage, and Richard Kiel as Jaws. It involves things that are long and hard and full of seamen and Ms. Bach ends up thoroughly wet.