It was a boring fight, but you have to consider the context--Royce was undefeated, having submitted all of his opponents. The UFC hype machine made him look invincible. Ken's focus on that fight was primarily to not get submitted.
And to be fair, all Royce did was hang out in his guard and wait for Ken to make a dumb mistake...which Ken never did. He was hoping get would finally get frustrated or bored and he could get a triangle or something--like the Royce-Severn fight. Neither guy was aggressively going for the win. That fight destroyed the Gracie mystique, though, and set the stage for "Gracie Killer" Sakaruba several years later.
I see ur point, clearly the Gracie strategy during a no-limit fight against a heavier opponent was to capitalize on the opponent´s mistake, but honestly, I was far more disappointed with Ken..
As I said earlier:
Btw UFC 1 & UFC 5, Ken had basically 2 yrs to study Royce´s game.
He was injured at UFC 2, but still, during an interview at ringside, he stated that he was workin´
on his game, and that he would come back with some kind of "master plan".
That was obviously hinted at Royce.
But, at UFC 5, he didnt really go for the win, he definitely wanted the draw, believed it was a victory for him...
Thus he L&Ped, didnt mount any serious offense (Im aware of the numbers though).
Look at Kimo for instance, he was much more game than Ken against Royce, and Kimo was very close to win.
Royce was never really in danger in that fight against Ken, reminded me one of the ol´Vale Tudo fights from the 1980s-90s, where even the BJJ guy would only headbutt and basically L&Ped..
Ken could have showed more in this 2nd fight, but he shrunk.