Yet still in the later seasons I thought they should have handled the contact with the Federation and homecoming differently, give it more attention, maybe send a ship towards the Voyager. I LOVED Richard Herd as Admiral Paris of course (being an old V fan).
What I always hated were Neelix and Kes (Kes became better with time) and the Kazon, which I found really ugly and their codex rather stupid. And I wasn't too fond of the Be'lanna-episodes about her father.
As for the Borg, well, the decorations and props from Star Trek VIII were expensive, were they not?

No, the Borg show the increasing lack of creativity that Star Trek suffered at that time already. It was too much about "the Borg" in the end and they indeed have lost their fascination... (which is not Voyager's fault, it started in TNG with "Hugh" and the "Lore-Borg". To me they were the most interesting in Bobw - after that it went straight downwards).
In summary: The flaws of Voyager, that makes "star trek fans" supposedly hate it, were already there before and after Voyager. I think it's all no surprise when a team of people produce a show-concept for 15 years.
Those who favor TNG as "everything was better then" were very often Kids at the time and glorify it a bit.