Better than I expected. This was taut and had a sense of purpose.
Mostly, this episode confirmed theories I've had for at least part of the season though was extremely well done.
The Borg seem like a perfect through-line for the overarching story of Picard the series itself, I'm not sure why it's such a problem for some people. Put some thought into why. You may agree.
Jack was the best he's been all season. The crew conversation before he left the ship were emotional and we'll-acted.
My major issue is one I've mentioned before:
Matalas can get a lot right but then there are those glaring moments of innacurate information that somehow no one caught. In this case, I nearly wanted to half-throttle the writers for saying the Enterprise-D was...omg...analog. Nothing could be further from the truth!
We have a progression from doutronics, to isolinear, to quantum, and whatever else they use in the 25th century. The E-D will never be analog. Be satisfied writers, to say it doesn't have to connect to the new network...which BTW, all ships in the 21st century would already be networked, so this would already be in the 25th.
Don't dumb down the tech!
Anything else that was wrong was filled in by the fan service. It's OK, I give up, you win season 3. You're my daddy.
10 out of 10 for high entertainment level and creation of heady satisfaction.