It's full of holes but I'd still probably rank First Contact as the third or fourth best Star Trek film.
For the uninitiated viewer, they would not recognize the holes (as we have all previously agreed to).
For the seasoned viewer, it takes very simple rationalization, as has been done in this thread and others, to resolve the plot holes of Picard being thought of by Starfleet Command as being unfit for the task of battling the Borg as portrayed in this film.
In fact, as far as the film is concerned, Picard's actions should allay any fears in the future of his ability to battle the Borg: he is the best man for the job. Exactly as Riker pointed out in the beginning of the film. It was Starfleet Command (specifically: Admiral Hayes) who disagreed, and were proven wrong.