Has a great story, the Borg and plenty of good action and some suspense. The Borg Queen was also a rather chilling character, unlike some of the other recent Trek baddies.
Although I did not hate "Insurrection", I felt that it was not as good as its predecessor and also felt that some of the characters were underused. Beverly Crusher barely had a reason to be there (apparently she was supposed to have a little plot thread to herself but it was cut out).
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It's a tie between First Contact and Nemesis for myself. Though Nemesis had some unfortunate plot holes, First Contact lacked and exciting storyline compared to Nemesis, in my opinion. Generations was great as well, though I found an Elorian to be an uninteresting villan.