As compared to other movies from the early 70's, VP (71) was a very serious attempt. I'd put it up against a number of films from that era. Of course it was no Cool Hand Luke but not too many pictures were/are. Here's a list of the highlight movies from '71:

Shaft
They Call Me Trinity
Two Lane Blacktop
Dirty Harry
Billy Jack
Fist Full of Dynamite
Le Mans
Omega Man
Vanishing Point

It stands up pretty well against those movies. But, when you compare VP (97) with what else was available it was a very sad attempt:

Air Force One
Return of the Jedi
Men in Black
G.I. Jane
Crash
Murder at 1600
Austin Powers
The 5th Element
ConAir

Maybe the next one will be worthy considering it has to be at least as good as the remake for Gone in 60 Seconds.