Plot hole: When Bond is on the roof of the train ,he opens the roof panel on the rail car, jumps down into the car, and puts on a gorilla suit to hide. He does all this while the knife thrower is in the small car. Wouldn't the knife thrower have heard something? The roof panel opening alone would have amplified the train's noises, not to mention the air that would have blown in.
Plot hole: Bond falls off the train, and in the time it takes him to reach the air force base the train has arrived and unloaded all of the equipment including the cannon, staged a town parade including the cannon and erected and filled the big top with an audience. You could argue that the big top was sent ahead but the unloading and use of the cannon couldn't have been done in the time frame - would take at least 4-5 hours.
Plot hole: When the saw yo-yo comes down for the third time, Bond grabs the cord to pull the wielder down off the gallery. That was, when you think about it, a patently bad idea. If the yo-yo hadn't become stuck in the desk, Bond would be collecting his fingers in his hat (note that the blades are still spinning as Bond grabs).
Plot hole: When Bond wakes up in the monsoon palace, his watch is still beeping with the activated tracking mode. Wouldn't somebody have noticed the constant beeping while he was brought there? The tracker is shown to have a range of several hundred meters, so it would certainly have been in range of the transmitter at least part of the time while Gobinda dragged him back to Kamal's palace.