I was watching ST:Motion Picture for the first time and when they started saying that V'ger encountered a world of living machines who altered it so that it could complete its programmed mission my first thought was 'cool V'ger encountered the Borg homeworld before the Borg became assimilation junkies!'
Then Ilyia (sp?) got assimilated and her conciousness became a part V'ger
Not sure if there really are many Queens, or merely many bodies for one Queen. Or whether this Queen is a high leader or the lowest of slaves. Or whether she's an original feature (perhaps even the incarnation of the originator herself?) or a later addition, possibly an outside intruder who lives in the virtual body of the Collective like a parasite.
I always liked that last idea about her being a seperate being that lives within the collective like a parasite. I once had a theory on the Borg Queens origins. Basically the TNG two parter Descent showed that the crews plan to infect the Borg with individuality via Huw worked, but when the collective sensed what was happening they disconnected Huw's cube before the infection could spread.
My theory was what if, before they were disconnected a female drone was able to transmitt her conciousness to another cube, or maybe a female drone on another cube had already been infected. But rather than infect other drones with her individuality she instead used her individuality as a way to dominate and take control of the collective thereby becoming an individual conciousness cotrolling the Borg but also remaining seperate from the hive mind. This would explain her fetish for inhabiting female drones that share a similar physical appearance because they look like she once did prior to being assimilated, why when one queen dies another pops up due to her consiousness body hopping.
More importantly it would account for the Borg villain decay as they were unable to function at optimum efficiency because of the Queen controlling them. In Voyager when the Borg Queen encounters problems that could easily be solved by merging minds she never does also she always seems to give verbal commands to the surrounding drones to get them to do stuff rather than the drones instantly and silently reacting to her thoughts and desires as they would do if she was part of the hive mind. This is because as an individual she is reluctant, even fearful, of merging with the collective hive mind because it might mean the loss of her individuality and/or control over the collective.
It has pointed out to me previously in First Contact the Borg Queen claims to have been present during Best of Both Worlds which took place before Descent. But we never see her in Best of Both Worlds we just have her claim to have been there. Its entirely possible that she was just a fellow drone in the same adjunct as the assimilated Picard and given his tendancy to reppress his memories of being a drone its entirely possible that his memories of her being the Queen rather than just a fellow drone are false memories triggered by her own insistence that she has always been Queen. After all he doesnt remember her at all until she 'reminds' him.
Of course thats all just a theory i had.