T. Dalt is a great Bond. I still wish like hell he was in Goldeneye instead of Brosnan. The guy is just a breath of fresh air to the franchise that was sadly misunderstood back in the day. There is no denying Dalton paved the way for a more serious take on the character that the Brosnan films sort of forgot about. Dalton underplays it and that disappoints a lot of fans who are used to the more playful, nonchalant attitude Connery and Moore were so good at. There is a dangerous, intense look in Dalton's eyes that totally rocks and makes the guy feel like a threat.
The Living Daylights itself is one of the underrated Bond films ever. True, the plot is dated now in a Rambo 3 type of way, but it's still a superior Bond film in every regard. For one, it's a honest to god espionage film. Both Dalton films don't get enough love to bringing the SPY back into this spy movie franchise. The plot is well thought out and interesting without resorting to the tired world domination plot. The action is great, the henchman is great, and the Bond girl is really underrated. Bond genuinely feels like he cares about Kara and there relationship is just a bit deeper then the standard "Bond and Girl go on mission and shag routine".
The only real problem I have with this one is the lack of a good villain. I like my Bond villains more grounded but the two in this film just did not have an ounce of menace what so ever. The film didn't know who it wanted to be the main baddie. The only good villain was Necros the henchman. The lack of a said good main villain made the final showdown a bit disappointing, but everything leading up to it was great imo.
The Living Daylights (and Daltons next adventure) deserves some of the credit Casino Royale has as the return of the more realistic take on the character. The crazy gadgets are mostly gone, the comic book plots and villains are gone, and Bond the joker is gone. It was replaced double crossing, arms dealing and a darker, more dangerous super spy. The world just wasn't ready for it's more serious Bond just yet.