Definitely the ones from the series. By the time FC came along, the Borg had already been defeated a few times. As far as I'm concerned the first time an unstoppable enemy is stopped, they can never again be taken as a serious threat. Hell, by the time Voyager rolled around, they were basically reduced to the token roll of resident Klingons.
Agreed. Part of the problem with how the Borg were handled, even on TNG, is that they were essentially too powerful after their first appearance. That's why all later attacks consisted mainly of a lone Borg ship the heroes could overwhelm, because Guinan's description of them coming in force (which sounds more plausible) would have meant they'd lose.
I'm also somewhat on the fence about the queen, in that I think the concept makes sense but I agree she was often not used well. I'm inclined to believe there may be multiple queens, or at least several, active to regulate the Collective at any one time since a lone queen is relatively easier to kill.