Somewhat of a mixed bag here, I guess.
Wouldn't be surprised if someone watched it and thought it was boring, they spent too long in holds, the time could've been cut some and it would've worked better, etc. They're all valid criticisms that I can't really disagree with. The finish is also garbage and they even manage to fit in a stupid "doctor checks the cut" spot. That said, I've always liked this. It's not a "great" match, but still I'd say the good outweighs the bad (you're probably reading this and thinking "well, shit, there must be some REAL good stuff, because it sounds like there's a whole lotta bad").
Really basic stuff for the most part, but Backlund's a guy I enjoy watching do basic stuff while adding his own flavour to it (his goofiness is goofy to the goofiest degree). The hold of choice - for both of them - is the headscissors, and they're both pretty good at keeping it interesting despite the lulls. Koloff is all about the dirty little tricks out of the referee's view, like pulling the hair and tights so Backlund can't break free. Backlund's all about being a tenacious Forrest Gump that could squat a fire truck. I always go on about "the little things", and there's a struggle over a bridge in this that's probably my favourite "bridge out attempt" spot ever. Really comes across as both guys trying to shift their weight and gain ground position.
Koloff doesn't exactly go above and beyond to sell the leg in this, which is a shame, because he's pretty good on offence as a mean ass-kicker. He just double stomps the shit out of Backlund at one point, presumably because his knee drops to the gut didn't look hurty enough. He also blasts him square in the face with a diving stomp type... thing, from the top to the outside. Looked real nasty.
So yeah, this'll probably wear on some the longer it goes (lasts a half hour). Not even close to being the best Backlund match you'll see, but there's enough good in it for people to get a kick out of.