I voted for both. While the TNG Borg started out creepier due to being a 'force' rather than a body that could be reasoned with, I feel like 'Descent' did something to damage that feeling. Additionally, I know the suits and effects were impressive for the time, but while a little creepy they didn't do much to creep me out, aside from the way drones walked and behaved. I'd say it was overall the depiction in 'Q-Who' and 'Best of Both Worlds' that worked for me.
'First Contact' added the Queen to the mix which somewhat downplayed the idea of them as a force that cannot be reasoned with just a little (although there are very good explanations for her existence bandied about in the thread here
that help restore that.) I feel that the introduction of assimilation tubules and the new more 'sick' looking appearance added greatly to the creep factor. To me, they were always cybernetic zombies but now they actually looked like it. Plus, they were able to retain the idea of surgery being a part of it, which is very creepy to me.