Yesterday afternoon I listened to it. As with the previous Radio 4 plays, it's not a bad adaptation of the novel, done in the usual style with Martin Jarvis as "the voice of Fleming" interjecting with quotes from the book where appropriate. There's a voice at the start which might surprise but makes sense in the context of the story.
Alfred Molina makes for a continental sounding Blofeld, and Joanna Lumley appears as Irma Bunt, as the Radio Times article says - sounding a little less unsympathetic to my ear than the late Ilse Steppat, but villainous nevertheless. The actor playing Draco sounds quite close to the one who dubbed Draco's voice in the film. Indeed, the adaptation borrows from the film in one scene - I won't say which, suffice to say that if you compare the scene with the chapter in the book it differs in the characters involved.
If you are expecting Teresa Di Vicenzo to sound like her screen counterpart, well obviously she doesn't but actress Lisa Dillon does a good job in making Tracy the spoilt, self destructive but "little-child-lost" young woman of the novel. Also, of course, Blofeld's "angels of death" are, shall we say, more provincial than cosmopolitan in accent, as they would be - SPECTRE was only targeting the British Isles in Fleming's novel
Toby Stephens is a convincing Bond of the books and this adaptation even interjected a little dry humour on his part, particularly in response to M's estimation of 007's chances of survival. The scenes at the College of Arms are also amusing.
One thing I'd forgotten from the novel. In the film, Tracy is herself a widow, the Count Di Vicenzo having been killed in a car accident. In the book, she's a divorcee - but has lost her six month old child through illness. Perhaps that's one reason for her self destructive tendencies?
One last comment about future radio plays. I agree with marktmurphy, above - Moonraker would be a very good choice, in fact it's ideal for this kind of adaptation. It has only three basic elements - Bond spots Drax cheating, Bond investigates Drax, Bond tries to stop the Moonraker hitting its target. Plus it would be more of a faithful period adaptation than most, firmly rooted in the 1950s, the aftermath of WW II and fears of German re-armament. (And I type this not just because I would love for somebody to produce a version of Moonraker that is similar to Fleming's actual novel!) I don't know why the radio versions so far have featured novels that already have fairly faithful versions on screen - maybe the producers just picked out the novels that seemed best known to the public at large.
He had no idea about guns or cars (Aston 'DBIII'?!)