Spoilers, of course. Although at times I've been purposefully oblique: if you're a fan, you'll get the references.
Here's my list of the top ten best moments from Octopussy. I've tried to pick actual individual moments rather than sequences. What are your favorite moments?
10. 009 smashes through the door at the British Ambassador's residence, releasing the Faberge egg that rolls across the floor.
9. Vijay uses his backhand on a henchman.
8. Magda makes a "sari" exit.
7. Bond hangs onto Kamal Kahn's plane for dear life.
6. Bond, sliding down the banister, machine guns the ornamental finial and slides off into the last henchman.
5. Bond rides the rails when the tires of his car are shot out.
4. "... And that's for 009."
3. 007 is nonetheless able to accomplish his just-failed mission in the pre-title sequence.
2. Bond uses Kamal Kahn's "lucky" dice: "It's all in the wrist."
1. Bond defuses the bomb at the circus.
Octopussy should have been a great Bond, but it just isn't: the double villains (Orlov/Kamal Khan), weak Bond-girl relationship, and hokey humor contribute to weakening it.
For good measure, what I think is the worst moment from Octopussy: A lot to choose from herein! I'll pick Bond's "Tarzan" bit. But Bond's ordering of a tiger to "sit!" and his overly detailed and immaculate clown make-up at the circus (which he applies in seconds) are both close seconds.