Yeah I kinda agree with Moore. But also I'm a bit biased for sentimental reasons, this may help tip it towards the position of favorite.
And I like the fact that Blofeld wasn't there. I don't like stories that pit one hero versus the same one baddie each time, as if there was only one menace to the world, and coincidentally only one response to it, and coincidentally no way to stop this menace definitely. The idea that, without these legal issues, the Bond franchise would have been a strict Bond-versus-Blofeld franchise sends shivers down my spine.
So, lovely film. Magnificent casting. Sea, ships and submarines (always a plus). And my only gripe with it is... well, it's a nice bond-ish plot structure but the content seem to have been forgotten at points. I always like oral jousts and veiled threats between heroes and baddies that both pretend not to know what's going on, but this seems to have been the sole point to Bond's invitation to Stromberg's (totally not secret, btw?) base. He arrives, they exchange some sentences about sharks eating people who are too nosey or whatnot, he leaves and, well, is supposed to get killed. They skipped the pretense (by the way what were we supposed to discuss?), and that makes a weird, almost parodic sequence. And okay, Amasova could have been showed less systematically one-upped by Bond, but that was certainly way too much to ask for the times.
And, more forgivable, the jetski reveal is less impressive nowadays. Back then, it was a brand new gadget.
But not many other flaws. In the odd absence of John Barry, Marvin Hamlisch, the guy who arranged Scott Joplin's The Entertainer for The Sting, did a fantastic job there, and I personally adore the Bond77 theme during the ski chase (if this sounds jarring to you, maybe skip the pre-title scene of A view to a kill).
Qualities aside, probably (with You only live twice) the most iconic of Bond movies. One could say, the most stereotypical...