Back with "Singular Destiny" I thought that the Typhon Pact would make an interesting enemy, but since then I haven't really found the Pact to be that enemy that they were setup to be. I've read up to Brinkmanship, but right now I've found the Pact is more of a mouse giving off the roar of a tiger and doesn't really seem to be as big of a threat, or even be in the same class of enemy to the Federation as the Cardassians/Dominion or the Borg.
See, that's the mistake people keep making. The Pact was never meant to be just another Big Bad, another basis for war stories. Destiny
was the biggest war/action story you could ever have, and in the wake of that it would've been foolish to try to top it, so the decision was made to go in a different direction, a subtler and more sociopolitical direction. The big conflict is ended, the chessboard has been knocked over, and now the survivors have to rebuild, to establish new relationships and power dynamics, to try out new approaches in a new, transformed galaxy. Powers that once dominated the quadrant are weakened, and that opens the door for formerly marginalized powers to become prominent, and they're jockeying for position and advantage both with the old powers and with one another.