I agree that Timothy Dalton was the best Bond (certainly the most similar to the darker, more brooding Bond of the books), but I went for Goldeneye for sheer entertainment value.
The best ones, in terms of pure story/acting/action quality etc are From Russia With Love, Goldfinger, OHMSS, Spy Who Loved Me, For Your Eyes Only, Licence To Kill and World Is Not Enough.
Personally, I'd go for Goldfinger or Licence To Kill.
Sorry guys (ok, I'm ready for the flogging) but I find them all cheesy and laughable, especially the recent ones with Brosnan. Can't think which one it was on tv but basically he managed to freefall back into a plane and that was enough to make me switch off. I haven't seen them all so if anyone can convince me otherwise I am prepared to listen
1 Goldfinger - all round great action film
2 Live and Let Die - great music (and Jane Seymore)
3 License To Kill - loved the lorry stunts
4 Moonraker - was good to see space shuttles take off years before the real ones did!