So tonight I rewatched TBOBW on the special edition blu ray. Honestly, it's not as amazing as I remember it being. Part 1 is good. Lots of drama, tension, and action. Picard's fears about the impending battle, the conflict between Riker and Shelby, Riker pondering about his future in Starfleet....this was all great! The buildup to the Borg appearing was paced well and effective. Part 2 is what really brings it down for me though. I'm not just going to criticize the 'sleep' solution. For a conflict of this scale with such huge ramifications for the future, it seemed like not an awful lot happened. Where were the Klingons, Romulans, and the other superpowers? Why was there only a single Borg cube? This felt like a conflict between the Enterprise and the Borg, rather thana conflict between the the Federation, it's allies, and the Borg. The stakes never felt very high to me. Once Picard was saved the tension just dissolved. I can understand if this episode was a real shocker the first time around, especially if you had just watched part 1 and had months to wait before part 2. But in retrospective, is this episode really as good as you remembered?
For the criticism about the single Borg cube, circa 1990 it had not been established there were thousands of cubes over in the DQ. All we knew about at the time was one cube.
The Klingons and Romulans were not there because they did not have time to get to Earth. And the Romulans wouldn't have gotten involved anyway, they would have taken the extra time to shore up their own defenses rather than try to protect the Federation.
Part two isn't as good as part one, but taken together they are one of the finest hour and halfs in the Star Trek canon.