One of Trek's great philosophical episodes. You don't have to agree with it to be good either.
So to get to the key issue...the malicious program! We assume it means certain death for the Borg IF it works. I doubt it would have. Apparently Hugh himself caused SOME havoc according to Descent, but ultimately that is localized too. My gut tells me Picard made the right choice in not using it anyway. I don't think most people wanted to wipe out Germany 100% after the war (though some surely did). Genocide is a very tough choice to make.
I suggested at the time it came out, that if ST wanted to move on from the Borg, they could have created a different outcome of collective AI that WAS NOT like the Borg, one where it heightened virtues and eliminated petty jealousies and parochial thinking in favor of enlightenement. They would use evolution's greatest strength...cooperation to defeat or hold off the Borg. Starfleet moves on.
RAMA
I think the borg were potential much better villains than they later turned out to be.
Eh, I think they were the type of villain who was FANTASTIC for a few appearances, but that inevitably decline because what makes them so awesome is that they're fairly original(cybermen?

I just don't see how they remain great villains if you use them past "First Contact." Lore remained a great villain since he was only used sparingly.