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I think you're right, Xhiandra. At The Mountains Of Madness may be an inspiration for that episode. And it kinda makes me wonder sometimes looking back at 'Q Who' and 'Best of Both Worlds' if there wasn't some H.R. Giger influence there with the Borg. Giger's work is heavily influenced by Lovecraft (he even changed/modified his name to be more like Lovecraft). The bio-mechanical aspect of Giger's artwork work would fit well with the Borg.
Looking at it from a Lovecraft point of view also makes you think about how old the Borg Collective really is and how it started.