I wouldn't think the WHA was a match for the Soviets, but it looks like they put up a fight.
I remember watching some of the games as a kid, however the feeling was that it was "not the NHL players", so expectations were they would get smoked.
There are a few good reads out there about the series and it did introduce a couple of things:
* The WHA promised that the broadcasts would be cutting edge, deploying eight cameras, including handheld and slow-motion cameras. The Canadian games would also feature the GameRecorder, a statistical computer that would track Team Canada events such as shots, face off wins and pass completion percentage. Allegedly the first use of a statistical computer in professional sports.
* The players actually trained before the series, even playing some exhibition games against current WHA clubs (could not find any videos of those games).
* Team Canada '74 had a better record at home than the '72 club had (1-1-2 vs. 1-2-1).
* From a re-match perspective, The Red Army had 17 out of 24 players from the '72 series whereas Canada only had 4.
As noted by WyattEarp, they actually played well (all things considering).
One final note, the '74 series introduced the Russian empire to the porn 'stache.