It definitely felt that the characters were more vulnerable, which was something I liked. Overall, I enjoyed it an awful lot. I have to be honest, my experience of Bond films is mainly from the Connery era, so I dunno whether those would be considered the best examples of a Bond movie.
Still, the villain had a little more to him than just wanting the world on fire, and though Bond spent the movie gadgetless, I think the choreography in fights made up for the lack of exploding pens.
Plus the little recurring joke about radio. I especially loved the bit where the villain used it while Bond was chasing him.
Spoiler:
That one scene where Bond is in a chair, having a chat with the villain in that abandoned city. I discussed this with my friends and we all agreed that it came weirdly close to Slash Fiction dialogue, what with Bond getting touched up and all. Definitely weirded me out a bit.