TNG First Contact The Best film TNG has to offer and still holds up compared to modern go get'em action flicks like STID. Like i said the Borg are at there best when they are being threatening, doing things and saying very little. The Borg Picard and Worf were fighting the majority of the film carry the action and pace. While the queen and he subplot could be cut out of the film and you wouldn't lose anything really. She's really only there to have a main villain for unfamiliar audiences to identify as the master and to tempt Data.
FC certainly has a lot to recommend it, but personally I thought the Borg themselves were one of the least effective things in it. Frakes' TV-style directing is never really able to make them truly scary or intimidating (resorting to cheesy tricks like the red lasers coming on all at once in the dark), and the constant cutting back to lighthearted scenes on the planet undercuts a lot of the tension as well.
And while Alice Krige was fantastic as the Borg Queen, her presence suddenly makes the Borg as a whole
seem a lot less interesting and unique (they're basically just the zenomorphs from Aliens now).