We are the Caeliar. You will be assimilated. Resistance is futile.
BORG QUEEN: FUUUUU-!
And so ended the Borg, in the fantastic Destiny
Although, yes, reimagined Borg could be awesome. Using CG to replace or remove body parts (a lower jaw, part of an arm, part of the torso etc), and replace some with machinery would make them look far more scary than just wearing rubber over the top.
if by "fantastic" you mean silly, with a ridiculous Borg origin story. I wish they'd retcon that trilogy and use the Borg again.