This is certainly the last of the classic 007 films. This is the last time we see 007 as the cold hearted assassin that he is. The last time we see a Bond that, the only reason he's really a good guy is because of what side he is on and not what he is.
In later films they call him a blunt instrument, but in this film he actually still is. He's still the trigger man. He still has no respect for human life and is only really concerned about the mission.
After this we enter the era of Silly 007, with a layover for Lazenby who walked the line and ended up more Cannery than Moore. And as where the Silly Bonds do still have their appeal (and trust me, I still love them) the franchise never seemed as lethal or as cool again.
But, rest assured, this is also the 007 where Special Effects and over-the-top stunts made their introduction and would later become a much loved 007 trope.
So it stands as a bridge between classic and contemporary 007, and as much as I love them both, I like the classic 007 just a little more.