I think though the Borg were never really ever going to work if they appeared all the time. Even TNG's Borg stories got stale and they only had about five of them.
I'd be interested to hear how people would make the Borg a reoccurring enemy but not Voyagerize them.
Turn the Borg into an ideological enemy--even a temptation. A fictional analogue
for communism, not a gross stereotype of it. They went the easy way from BoBW on--conceptualizing the life of a Borg as horrid in every conceivable way, a fate worse than death, to be avoided even at the extent of extinction. Turn the contest between the Federation and the Borg into a debate between possibilities for humanity--individualistic dignity at the cost of mortality and pain versus posthuman collectivism at the cost of freedom. Then you've got a concept that doesn't immediately degenerate into space zombies slowwwly advancing on you.
Also, I'd knock off the silly "they don't perceive us as a threat thing" after BoBW. They blew up your cube, idiots. They present a threat.