Flaws and all I think FC was a great film that more than made up for the lackluster Generations. I suppose it was a slight reinvention of the look of TNG (i.e new Enterprise, new Borg look, upgraded uniforms and props etc) but nothing seemed inferior to what came before. Still love the design both interior and exterior of the Ent E to this day. My understanding was that Picard wasn't completely able to put the experience with the Borg behind him, his reaction in episodes like 'The Drumhead' and 'I, Borg' showed that he was still trying to come to terms with what happened.
The Borg Queen is my only issue with the film and AFAIK she was added because the studio wanted a singular villain in the piece.