Rick wrote:
Oh, sorry scotpens, can't agree with that.  I saw OHMSS in the theater when it was brand-new, and when the sequence ended and Lazenby delivered that line to the camera there was a huge laugh and a burst of applause from the audience.  

My experience was the same as Rick's when the movie came out.  I've always loved the moment, even though it breaks "reality."  You have to remember that replacing Connery as Bond was a very big deal at the time.  There was conjecture that OHMSS might be the last Bond movie because the series wouldn't survive without Connery.  The moment completely broke the audience's tension and allowed them to sit back and go along for the ride.  For those who didn't see the film when it first came out, I can see that it might not have the desired effect.