Nemesis is definitely a victim of the final edit. It would still be a problematic film, but if they went back and did a new edit from scratch, you could easily have a film 25% better than what we got.
While I don't think Nemesis was ever necessarily a good
movie, the deleted scenes clearly show that there were plenty of genuine TNG character moments that ended up on the cutting room floor. And there are reportedly even more of them which haven't as yet surfaced to the public.
While it obviously wouldn't be a "director's edition", I'd love to see somebody (Frakes?) given permission to go through the dailies and reconstruct it. I honestly think there's a better version of Nemesis out there that we haven't seen.