It was that, and a few other little bits. Here's the best summery of the SE mistakes:
These are the confirmed defects with the Bond titles, for which corrected repressings have been made. To get your replacement discs, call MGM Customer Service at 1-877-MGM-4YOU, and follow the directions for defective DVDs. You will be sent a prepaid UPS shipping label via e-mail which you can print out and use to send back your DVD(s). They will then send back the corrected DVD(s) to you (brand-new, shrinkwrapped copy like you would buy in the store). Corrected copies supposedly have **** around the title on the white sticker on top of the sealed DVDs (such as, **** Octopussy ****), but I have not always found that to be the case. My corrected NSNA did not have the stars.
The Man with the Golden Gun - In Chapter 21, at approximately 81:30, at the beginning of the car chase, the disc will pixelate and lock up on many DVD players due to a mastering error.
Octopussy - In Chapter 12, at approximately 37:00, Bond flips a bad guy onto a bed of nails. The owner of the bed says something and the English subtitle translation is missing ("Get off my bed!")
Never Say Never Again - In Chapter 19, at approximately 65:50. There are about 4 minutes of footage missing from this point, the beginning of the second layer of the disc. The missing footage starts right after Bond gives a cigarette case to a security guard in a closet and tells him it's a bomb. Scenes from this missing footage include Bond saying his line, "My name is Bond, James Bond." to Domino as she stands in front of an arcade game machine and Bond having a conversation with Largo as Largo stands behind a bar. Largo challenges Bond to play the game in this scene.
The Living Daylights - In Chapter 7, at approximately 19:30. After the plant worker pushes her supervisor off of her bosom, there are missing English subtitles which translate her words ("What kind of girl do you think I am!)
These following Bond titles also have errors. Corrected versions have not yet been made, but in a HTF Post by MGM officials on April 30, 2001, they had this to say: "License To Kill and On Her Majesty's Secret Service - Corrected versions of these titles will be made available when MGM re-releases these DVD's sometime in 2002. If you are unhappy with your current DVD, you will be able to exchange it with MGM customer service at that time." It is unknown which problems exactly they are correcting, and if they will correct all the ones listed below.
On Her Majesty's Secret Service - In Chapter 18, at approximately 75:05. Weird "humming" audio over a scene of a rock climber actually belongs to 3 seconds of missing video which occurs right before this scene. Also, some missing lines (quoted from someone else's report): On the DVD, right after Telly Savalas delivers the line, "Tracy, don't be so proud. Your father's own business is not entirely within the law", it cuts to Bond and Draco in the helicopter, completely cutting the line "His brotherhood also have exotic ways of keeping it a closed shop" which is on the laserdisc and VHS tape. The stock car race scene has completely different editing and appears to be about 20 seconds shorter than the versions on my laserdisc and tape (I didn't time it so I can't be exact). Finally, after the stock car race, when Tracy says "We didn't even stop for the prize", Bond's line "I told you that crowd would discourage them" has also been cut.
Licence to Kill - In Chapter 44, at approximately 98:00. When the guy explodes in the chamber, there is apparently a popping sound and the blood actually splattering against the window which is missing. There may also be additional gore and violence in other parts of the movie missing (unconfirmed).
I bought my SE OHMSS a few years ago at Big Lots and it is uncorrected. I've thought that the only way to ensure correct SE discs is by buying the three volume blue-gold-silver box sets.