When I first saw this film, I was left feeling somewhat disappointed. I thought it should have been quite a decent film, with Sean Connery back as Bond doing what he does best. Unfortunately, it seemed to be an attempt by Kevin McClory to kill off the official Bond franchise, with the emphasis firmly on Bond being an aged past-it 00 agent dragged out of retirement. I figured the problem was that I was expecting this film to be a DAF / Roger Moore style Bond film. It isn't though - it's a comedy spoof of Thunderball, and when you look at it like that it all makes sense.
M and the other British Secret Service characters are all portrayed as bumbling idiots, Johnny English style, Bond is a creaking old has-been, Blofeld and his Spectre colleagues are cartoon villains and the stunts are pure slapstick.
Once you realise that this is just a comedy spoof, it's good fun, but I'm not sure that was the original intention!