First Contact was for a long time my favorite Star Trek movie, mostly because I have a blind affection for the Borg. I was a little kid when I saw it for the first time in theaters back in 1996 but I've re-watched it a few times as an adult, while I still like the film, my opinion has begun to change.
My main problem with the movie is its wierd bifurcated plot. One half is a very dark story about Picard facing his inner demons and fighting to defend the Enterprise from the Borg in a close quarters life and death struggle. The other half is a lighthearted time travel story played up for its humor a la ST:IV. We have half the main cast clowning around on Earth with a lecherous drunk while the other half fights for their lives. This leads to some very jarring changes in tone as the movie switches between the two story lines.
I can forgive the obvious plot holes revolving around the time travel (those have been beaten to death by other fans). I just think there was a missed opportunity to do an entire movie about the Borg where they could have been explored much further before Voyager sunk its claws into them. Also the dramatic tension would have been higher if the main cast all stayed on the Enterprise. Picard's Ahab rant to Lilly would have payed off emotionally to a greater extent if he had been speaking to Riker. Maybe they could have even shown the crew divided and at each others throats a bit before coming together again in the final act.
First Contact is well enough written and directed that it somehow still works. I just think that the time travel story belonged in another movie or an episode of another series and its inclusion led to some missed opportunities.
I'm interested to hear what you all think about this.