Leading up to this fight most people weren't looking at as a great fight.....it was more of a monumental event. The Cooney fans thought Gerry was gonna take Holmes out the same way he did Norton (especially after Larry almost got KOd by Snipes in a tune up), while the Holmes supporters thought Gerry was a green, inactive, and protected hype job who was about to get exposed by a true technician.
I think the fight was more competitive than most were expecting and one of the biggest surprises was Holmes scoring the early knockdown. It was assumed Larry would have to get through some incredibly dangerous early rounds in order to win the fight. By dropping Gerry so quickly he established respect and took away Gerry's best chance to win. Also, Larry was vulnerable to right hands and defended very well against the left hook and Gerry's right was feeble compared to his left. In hindsight this made those who thought Cooney would tear him up with a barrage of lefts appear like they hadn't done their homework.