Movie Bob does an excellent job summarizing the ingredients for a classic Bond film. However, having recently watched bits and pieces of both Gold Finger and From Russia With Love, the unfortunate fact is that the classic Bond formula doesn't really hold up. And I would argue, the James Bond we love, is dead.
I think there are many reasons for this but there are a few that stick out in my mind. There is influence of writers like John Le Carre, and his fatalistic, flawed spies. Also, the classic James Bond struck a chord with baby boomer audiences because he really signaled the emerging phenomenon of the bachelor - the unmarried man in full with money burn and a libido to tame. I don't know that that image, by now a cliche if ever there was one, is the powerful vehicle for fantasy it was once. There's also the issue of plain modernization. Foreign travel isn't exotic anymore, English style has long since been integrated into American men's fashion, and, most importantly, the English do not make the best sports cars in the world, no matter what Jeremy Clarkson might have us believe.
James Bond has basically become the Philip Marlowe of spy movies. The smart alecky world weary PI no longer has a place in the way Chandler first imagined him - he became a pastiche through constant imitation. Rather we have to look to Jack Nicholson to give a nuanced performance of that archetype. And, in the case of Bond, we have to look to Daniel Craig to give us a Bond with psychological depth and a broken heart. My point is, you can't go home again, no matter how clear and well paved that path may be.