I agree that the Borg had been neutered like they had Bob Barker running the show. In an attempt to get a recurring threat they gave us the Hirogen (weak) and species 8472. 8472 was interesting because they really started off nasty but then Bob Barker got to them as well.
That being said, there were some truly exceptional episodes and as a time traveler I would point them out as examples on how to do things right. Mentioned earlier was the 2 part episode Equinox. It worked great as a what if ethical decision type episode. There was also the first episode that introduced species 8472. A very dark enemy that showed so much promise to be a real threat only to be ruined in later episodes. Year of hell also held so much promise and while it was good they could have and should have made a complete season of it. Missed opportunity. My exceptional episodes are more personal in scope for the crew or individuals. 1st would be the episode where the doc's memories were being erased only to discover it was the captain because he was having an ethical crisis that almost destroyed him. Excellent episode and I would have loved to see more like that. 2nd was again an ethical one involving the doctor and dealing with family and death. The 3rd is because of the interesting concept and choice of actors. David Hyde Pierce (Niles Crane from Frasier) playing a 24th century Borg. Not only touching but like the previous 2, very well acted.
Give us more like these. They are lost in the Delta Quadrant. Not every episode will have a happy ending. Like City on the Edge of Forever, not all great science fiction has to be all happy at the end. The ones that stay with us are the ones that affect us on a personal level. Farscape did that as well including were Chrichton messes up the past and ends up getting the women of the monastery killed. Many episodes of Voyager did not do that. I always felt that Voyager for the most part was playing it safe.