Good Western with one thing I don't like
The heart of the story is Penny's discovery of love & family. It's implied in the story that he was an orphan as a child and simply fell into the loner cowboy lifestyle to survive. He has never known true love or had a real sense of family. Before meeting Joan Hackett's character, his experiences with women were limited to shallow hook-ups with prostitutes.
Penny learns he has a knack for fatherhood and likes it. The boy clearly looks up to him and loves him.
It's almost as if God sees Penny's noble character through all the grime and gruff cowboy exterior and throws him a pot of gold in the form of the love of Catherine and her boy. Will he take advantage of this opportunity of happiness and fulfillment, despite the risks?
***SPOILERS***
Unfortunately, even though he's a good man (generally speaking), Penny has no faith in love or life in general, no doubt because of his past experiences. Catherine gently points out that love will find a way, but Will insists that love cannot survive the cold harsh realities of life and aging, in particular in the uncaring Western wilderness. Thus Penny walks away from what is likely his last chance at love, fatherhood and family.
Although this ending is realistic (not all experiences in life end on a happy note), it's sad. According to the flick, love does not conquer all and the viewer is left feeling a tad deflated. It goes without saying that this is not a life & faith affirming film. One's last impression of Penny is that he's a pathetic loser who lacks the brains and oomph to throw caution to the wind to take advantage of a great opportunity for happiness.
Otherwise this is a worthwhile Western, similar to "Monte Walsh" with Lee Marvin and Jack Palance that debuted a few years later.