I understand the need for a "face" when you are dealing with a recurring foe in order to better identify with them but in case of the Borg it proved it did not work for them because they are not such a type of "villain". (they are not motivated by expansion, wealth, and power for its own sake)
Maybe that means the Borg is a foe that can be used only few times.
That is the simple truth. They can perhaps be explored a bit more perhaps through other sources but modifying them has shown that it weakens them on the long run.
The Borg are pretty straight forward in their goals and way they work, they may try alternative methods of conquest/assimilation but they are never going to do some long game because that is not the way they think. (they are not Cardassians or Romulans)
I can understand the appeal of a faceless Borg (I liked it too), but I think there's only so much you can do with a faceless enemy before it just doesn't work the same anymore. If anything, I think they just should have abandoned the Queen from the beginning and used the Borg much more sporadically in Voyager.
That would have been better. I do think the Borg should have appeared on Voyager as Voyager was in its home quadrant but it should have been a foe that Voyager would try to avoid as much as possible and not actually something they would try to engage.
Storylines should perhaps have been about Voyager trying to escape a pursuing Borg vessel, or trying to assist another species/civilization to repel the Borg from assimilating them but no stories in which Voyager's crew would take on the full might of the Collective alone. (would only work if Voyager had dozens of allies and even then it would probably be a mostly one sided battle)
Of course this doesn't matter because the damage has already been done but this is how the Borg probably should have been treated.
Edit:
JesterFace, have you checked out Star Trek Borg on Youtube yet? Someone took all the movie clips of the interactive movie game and made it into an episode.