I think the Queen works best if you show her to be not just the one to whom the collective is enslaved, but that the queen is also the slave of the collective. The collective will of the Borg is what drives her entire mind, and the actions of the Borg are driven by the queen. She is the center of the hive mind, not the leader of it. She would not exist with a body except as a Locutus-like mouthpiece.
The problem came when they didn't depict the queen this way, but as an embodied enemy who commanded drones, as this makes for better drama from a human confrontational standpoint. But this wasn't entirely Voyager's fault, as First Contact also depicted her in this manner, with the talk of the queen needing an equal in Locutus and whatnot. It showed less of the queen acting in this manner, but they set up the precedent.
People just have better feelings about her portrayal in FC, in my opinion, because First Contact is almost universally considered a great movie, whereas many dislike Voyager as a whole, which causes us to look upon anything from FC with a more forgiving eye. Which is fine, everyone has the right to like something better than something else. However, from a more subjective viewpoint, the actions and characteristics of the queen must be considered a fault of First Contact, not Voyager. Voyager went wrong by not using its ability to expand on the queen and portray her as something that kept the menace of the Borg intact.