It is by no means the "disaster" many fans associate it with.
The franchise had survived at least one extremely disappointing entry before, STV:TFF. The problem with NEM was the timing. If NEM had been released at a time when there was enough interest in the franchise to produce another try at bat, such as what TUC was, then NEM wouldn't have been such a disaster.
But there wasn't such an interest, and that's why NEM really was a disaster for the franchise. It was not only the film itself, but also the context in which it was released, that was the problem.
That film being released at that time killed the Prime Universe part of the franchise.
No matter how well NEM was regarded by those who liked it, it just wasn't as good as it needed to be, for the franchise to continue in the Prime Universe.
On the question of box office and "appearance" to both fans and the industry, there is NO doubt that after two sub-par performances that STNG movies were over, and 3 years later after Enterprise that the franchise was at a temporary halt. Mistakes were made by everybody, there is no point in blaming really, though if you were, ST fans themselves shoulder part of it.
I predicted a new movie within 5 years (which happened...everyone here thought I was nuts) and a new TV series in 10. Just wait for the announcement from after the new movie and before 2015.