I finally got around to watching Never Say Never Again, and I have to say that it wasn't nearly as bad as I thought it would be. In fact I found it to be enjoyable. Sure Sean Connery is long in the tooth, but Roger Moore starred in Octopussy around the same time and is a few years older than Sean. Another plus is a young, extremely hot Kim Basinger. I even spotted Rowan "Mr. Bean" Atkinson.
That's not to say the film doesn't have its faults. Barbara Carrera as Fatima Blush is terrible throughout and I was relieved to see her blown to smithereens. Max von Sydow also makes for a lame Blofeld, but Klaus Maria Brandauer is good as Largo. The worst and most annoying acting has to come from both Edward Fox and Alex McCowen who are mind-numbingly bad as M and Q respectively. Of course it should go without saying that the "target opening and Bond theme are sorely missing.
Overall, if I were to put Never Say Never Again in with the "legit" Bond films I would put it slightly above Octopussy. Connery, despite being too old for the role still shines through enough to remind us that he is the original and to steal a line from the theme to The Spy Who Loved Me: nobody does it better.