I really like Michael Lonsdale's portrayal of Hugo Drax. In terms of physical presence, he doesn't present a threat. However, he is very intelligent and exudes authority. He is also a generally cold and unemotional man and his droll persona makes for some great humour. There's a real menace about Lonsdale's Drax, you believe that he will do whatever it takes to achieve his evil aim. Therefore, it's easy to see why Drax is feared and respected in equal measure by those under his command.
I agree with that, although I also agree with someone else who already said earlier in this thread that they preferred Fleming's Drax to the one that we saw in the film. Don't get me wrong, the film Drax was a good villain, certainly one of the better ones, but I would have liked to have seen it a bit closer to Fleming's description of the character.
Having said that, it's a shame that the character was wasted on such a poor Bond film.
I don't agree that the character of Hugo Drax was wasted on such a poor Bond film. Drax has some of the best lines in the entire series. Moonraker is not a poor Bond film overall, though it undoubtedly has poor elements, such as Jaws & Dolly, the double take pigeon/Bondola sequence, the laser fight in space. The highlights of Moonraker include the PTS, the centrifuge, the pheasant shoot, Drax's dogs chasing Corinne Dufour through the woods, the sets and the locations.