First Contact should have shown the people behind making Star Trek movies how to do it - action, excitement and drama. Unfortunately, this is the only Next Generation movies that really shines.
The Borg are a terrific enemy, as they do not kill their enemey but assimilate them and turn them into the Borg themselves and they quickly adapt to become immune to phaser fire. They also look much better than they did in the lower budget TV show, especially when they are adapt to phasers.
It is also brilliant to see the first Warp flight, giving meaning and purpose to the history of Star Trek. One SLIGHT criticism here is that they got their dates a little mixed up here. In the first ever episode of the Next Generation (Encounter at Farpoint), we learn that man kind was ruled by a drug-fueled, military obcessed totalitarian government in the 2070s. But yet here man kind is 'united in a way no one thought possible' from 2063 onwards? Sorry to sound geeky, but that just bugged me a little.
The new Enterpirse looks superb, but unfortunately doesn't appear in enough shots to give us a good look like we saw in the Motion Picture (rectified in the next movie).
All in all, a great Star Trek film. I'd rank it just behind II The Wrath of Khan and VI The Undiscovered Country, but it is easily the best of the Next Generation films.