For me, like others have mentioned...the plot line will be Starfleet Academy. They have always wanted to do this.
Picard will be an admiral, a teacher, and may not necessarily be the 'main' character. But will feature in every episode.
Season 1 will follows the cadets in Starfleet Academy. Perhaps an 'elite' group  that Picard has taken under his wing. This will allow the show to build characters and relationships (which will be more important then ever before, given the young age of the cadets - Star Trek 90210).
Then, season 2....we'll get a classic Star Trek story. The cadets out on a training run...something major happens. An incident of unprecedented significance. Results in the cadets having to take command of their own ship. The obvious incident, given Picard's involvement, would be the return of the Borg. Could we see Locutus again? Could be now be against the very cadets he once tutored?!
I hope it doesn't go down any kind of serious route (no f bombs, no gritty hard line stories), and keeps the hope and dreams alive that TNG inspired all those years ago. But whatever happens, I cannot wait!