Interesting fact I hadn´t thought of before. Like the first TOS movie I didn´t liked the first TNG movie very much. In both cases the second one was more action oriented and in both scripts they brought back the arch-enemy of the respective captain. Here they raised up the ante by threatening the whole Federation instead of a personal vandetta.
Is "First Contact" the best TNG movie maybe even the best Star Trek movie ? I don´t know. Personally I have another candidate for that title. But it is certainly a great movie althought it probably makes more sense for those who know Trek mythology. Some of the humor might also be wasted on the casual watcher.
From the production side this is a trade off. "Generations" had the much better locations but the sets on "First Contact" are superior. The Borg looked better than ever, that´s the luxury of a movie budget. I like the new uniforms, they have a much more, let´s descibe it as, adult look. It was nessessary since the old TV uniforms didn´t look great on a big screen. I can´t comprehend why people think SFX is worse than "Generations". I don´t see it. The new Enterprise looks great, technically this was I think were it could be in terms of technology and budget.
Oh, one last thought: blond doesn´t look as good on Dr Crusher as red. But that´s just me ;-)