"Captains log, stardate 50893.5. The moment I have dreaded for nearly six years has finally arrived. The Borg, our most lethal enemy have begun an invasion of the Federation, and this time, even with our upgraded tactical systems, there may be no stopping them."
Maurice Hurley (creator of the Borg) had something more in mind with the attacks the Romulans complained about in "The Neutral Zone". Hurley had meant for this episode to comprise part of a trilogy in which the Borg would be formally introduced. The opening episode of the second season further explored matters, including a possible alliance between the Federation and the Romulan Empire to counter the new threat. Such plans, however, were ruined by the writer's guild strike of that year. As such, the Borg's introduction had to wait until "Q Who".
An insectoid race, yes, but the parasites vanished without a follow up. What's funny is that an actual conspiracy of Star Fleet officers was Hurley's initial idea, but Roddenberry objected to such an idea (it was later visited by that one DS-9 episode).
The problem in "First Contact" is the Borg - and more specifically, with the introduction of a "Borg Queen." The reason why the Borg are so frightening in :The Next Generation" was not merely because they were powerful, but because they were so incredibly alien: they were a race in which no individuals exist. The Borg are not a "hive of drones" who are ruled by a "queen"; they are a single mind spread throughout billions upon billions of bodies. A single Borg is not akin to a drone in a hive, which has an individual nature but which is oppressed in a rigid hierarchy; rather, it is akin to a cell in an organism - it has no free, meaningful, or distinct existence beyond the larger body. There is no head or "ruler" of the Borg, any more than there is a single cell in your body that governs what you do. What makes the Borg's outlook on the rest of the universe so disturbing is that they cannot comprehend individuality, and thus individual lives are utterly insignificant to them... they take life without compunction because to the Borg, they aren't really taking lives - killing a human is like scraping a cell off someone's skin, an inconsequential act. The Borg are a truly alien species with a completely alien mindset - a rare gem in mainstream sci-fi.
LOL. Funny you should mention it. My thought after seeing the last season of BSG (which was postponed quite a long time due to a writer's guild strike): you asked for better pay while you serve us this kind of crap?
With the exception of Ronald D. Moore (whom I'm not his biggest fan), Rick Berman and his lapdog, Brannon Braga (whose face is the kind I like to punch), really boil my piss. Trekkies blame J.J. Abrams for ruining Star Trek, but it was these two who conducted the whole ensemble.