The fencing duel between Bond and Graves. Even critics like Mr. Plinkett consider it a fine example of a film swordfight done right.
Bond's torture in the beginning is pretty brutal, but we get one bit of awesomeness in it: the lovely Torture Technician who oversees it. She's not attracted to him in any sort of way, nor does she even pretend to be—in her eyes, he's just another prisoner to be tortured. And she gets away with it!