I personally think the borg were a better threat the way they were shown in the first episode. No Transwarp, No Time Travel, and NO QUEEN. They should have kept the, "borg only want your tech and resources" aspect. They should have been slow moving but relentless. I even think it would have been better if Picard and crew had blown up the first borg cube in Q-who but only by the skin of their teeth and by pure luck. Knowing that next time it wont be easy to defeat them. Maybe blow up the cube but have a small piece of it land on something like a satellite or on a planet. Then as Picard and co get wisked back home they could show the Borg germ start to replicate and grow. Showing us that yes they are still coming.
In this first encounter Picard and Crew think they are a pretty formidable threat but not invincible. Then in the 2nd incursion they make the realization that this time they are even harder to destroy.
That only works if they show up only once or twice. Which is why it was a bad idea to overpower them so much in the first place.