Whereas Licence to Kill (the last one w/ Timothy Dalton and the last
Bond movie before the six year hiatus due to legal issues) is more or
less the last Bond flick of the "classic" series (a la the original,
1962-1989 run of Doctor Who) dating back to Dr. No.
I would figure that when Dalton took over for Roger Moore, that
should've or could've been the real proper start of the "modern era".
The Living Daylights was I think, the first Bond movie that tried to
tackle real life politics (i.e. the Soviets' invasion/occupation of
Afghanistan, which was also incidentally, tackled in Rambo III a year
later). The Living Daylights unlike the previous films, was very
conscientious to not show 007 do a lot of bed hopping (hence why he's
only w/ one Bond girl in the movie) due to the growing concerns about
the AIDS epidemic.
Licence to Kill was the Bond movie (at the time) that arguably strayed
the furthest from the known formula by having 007 become a rogue agent
and going on a revenge mission. It was also one of the more
"realistic" Bond movies by having the villain be a Columbia drug
lord.
With that being said, is the Dalton era still considered part of the
"classic canon" because EON still had a lot of the old guard (i.e.
John Barry, Richard Maibaum, Maurice Binder, John Grover, Alec Mills,
John Glen, and even perhaps most importantly, Albert "Cubby" Broccoli)
dating back to the Sean Connery years. Also, GoldenEye was the first
Bond film to be produced after the end of the Cold War (Judi Dench's M
even lampshades this in GoldenEye about how a "sexist, misogynist
dinosaur" like 007 is a "relic of the Cold War").
http://www.imdb.com/board/bd0000075/flat/207634014?d=207635481&p=1#207635481