The original intent was to have each director do their own little mini-movie spoof - an anthology they ended up editing everything together into one so-called film.
Get everything but the kitchen sink (literally, in the over-the-top climax). Of course, this wasn't the first such effort others already began the 'Our Man Flint' duo film series and 'The Man From UNCLE' on TV was in full swing, not to mention 'Get Smart.' So, how to outdo them? Get five top notch directors. So, the intent here was a spoof of the then-wildly popular Bond/spy mania of the mid-sixties. This was the Bond title unable to be used by the filmmakers of the regular Bond film series, until the end of the century (they finally got to it for the restart in 2006).