I waffled between picking "Both" and "First Contact." In the end, I picked both, because I do really like the concept of the Borg as shown in Q Who and (especially) BoBW. However, the series Borg also suffer from two things: One, going back and watching those eps now, they DO look kinda doofy. First Contact was much
better in this regard (which is, of course, in large part due to movie budget vs. TV show budget). The Borg in FC actually look and act creepy. Two, while I thought that Hugh was an interesting concept, and that the initial
Hugh ep (I, Borg) was, on it's own, pretty good, what they did later totally fell flat. Descent was really pretty bad, and sapped a lot of the coolness and creep factor from the Borg.
I have mixed feelings on the Queen in FC. Overall, while I think that the concept was a bit out of left field (and at first, I had the same reaction many others here did: that it took away from that initial creepiness the Borg had by giving them an emotional, clealry identifiable "bad guy" leader), it grew on me during the actual movie. I can see the logic behind having the queen from a plot perspective, too; I like the idea that it's a holdover from when they were a more conventional, biological species (however long ago THAT was), and they have never been able to completely get rid of the collectives need for this single governing force. So in the end, it worked for me. FC also introduced us to random, instant assimilation: the first time seeing that one security officer get grabbed and "tubule-d" sent a shiver down my spine. Talk about creep factor! Also, seeing the "partially assimilated" officers later (Hawk, but also just randoms in Borgified engineering) was very effective as well. So I picked both, but I really don't think the queen in FC did as much to damage the Borgs creepiness as I thought she might.
Some of the Voyager Borg stuff, on the other hand...