Liked:
-The Sovereign-class Enterprise. Looks awesome. Never really liked the Galaxy-class ships, especially in battle sequences. Just looks funky if it's flying around instead of just sitting there shooting like it usually was in TNG.
-The battle in the beginning. Very cool, still to this day.
-The Borg. Not the perfect villains, but still menacing, and most importantly, dangerous, even to the heroes.
-I liked how they portrayed Cochrane. Sure, a drunk (at least when he's under a ton of pressure - like when many of his people die all of a sudden, his life work gets messed up, and, oh yah, some future people come to tell you what you are about to do is one of the most important events in the history of Earth, no pressure or anything), but still a genius that gets things done (with a little push - I bet Lily kept him in line a lot). As for his portrayal in TOS, well, he probably had some time to reflect on things and become a good person
-The Borg queen. Interesting idea. But...
DISLIKES:
-How the Borg queen was portrayed: I think putting her in a slinky suit was pretty dumb. Yes, have it (even her) be THE collective, but a sexy zombie? I think just having her be the disembodied head with that mechanical spine would have been better. Still have the face of the Borg, with the needs for companionship, etc, but still being Borg - alien, mechanical. You could even have her jumping from drone to drone - imagine all the banter she and Data and Picard have, just to random drones with her voice (even a female drone, if you can tell the difference) - that would be kinda creepy even.
-The opening battle: Sure, don't have it being the whole movie, but more than a couple of minutes where the Enterprise comes in and suddenly it's all exploded. Double it, maybe. Still only a few minutes, but then we get some tension out of it, instead of the Enterprise just coming in and out just fine.
-The Borg time-travel thing: If the Borg have time travel, and their point is to assimilate Earth because it's a threat, then why not just go back in time at the Delta Quadrant, then travel to Earth in the past? I realize they didn't want to before, because Earth was too primitive (didn't I hear that the Kazon were too primitive for the Borg?), but a threat to your existence IS a threat, and you take care of it.