Having re-watched them all fairly recently, many for the first time in probably 15 years or so, my rankings changed slightly.
1. First Contact. Easily the best. Most interesting story, best use of characters (at least Picard and Data, and in the TNG cast I don't care that much for the rest, honestly), best villain, best productions values. James Cromwell is always a plus and Alfre Woodard is pretty good too. An all around solid movie.
2. Insurrection. Pretty dumb, but kind of fun. The humor is often tiresome but at least they were trying.
3. Generations. James Kirk goes out in terrible fashion, and for that I will never truly forgive this movie. But I like Malcolm McDowell, the subplot with Data's emotions chip is interesting and hey.... Captain Kirk finally met Captain Picard. Sort of. In a dream world and then on some rocks somewhere. Where he subsequently died unceremoniously. I'm trying to be positive about all of this, I swear.
4. Nemesis. This movie is just a slog. The Picard's clone story is dreadfully uninteresting and his macabre deteriorating makeup adds to the morose, tired feeling permeating this whole movie. Ron Perlman shows up and is wasted. You don't do that to Hellboy, movie. The mind-rape of Deanna Troi is simultaneously in poor taste, sketchy from a motivation standpoint and responsible for giving Marina Sirtis more screen time than she deserves. Data dies and nobody really cares because they have a spare. Yay.