I think the limitations of budget would've made the episode(s) look a lot more hokey. One of the main draws of "Insurrection", the movie, for me is that it is very beautifully shot. Lovely location work etc. That would likely not be the same on a TV budget.
Story-wise, I suppose it would be a little more fondly remembered if it had been a 2-parter rather than a movie. But I started a thread a while back ("Learning to Love Insurrection") in which I started to actually accept the movie more after years of being disappointed in it.