The Borg jumped the shark within seconds of their first appearance when discerning sci-fi fans realized they were basically oversexed Cybermen. Although when they decided to have the Borg jump the shark again, they chose the same shark-jumping strategy as the Doctor Who writers did… give the relentless totally inhuman aliens a leader we can totally relate to. Call it, I don’t know… Davros.
-fh
Err…Davros was the Dalek shark. With the Cybermen, wasn’t it…um… a fat Cyberdude with black handlebars? 
The voices in my head say, “Tell her Yes, but reveal nothing else!”
why are my walls bleeding again?
I’m going to go with Voyager somehow managing to make the Borg their bitches week in and week out. Species 8472 didn’t help in that matter much either.
The Borg Queen doesn’t bother me as I see her as nothing more than the personification of the Borg’s Hive Mind. To me, she’s not a true individual ruler but instead the Borg encapsulated in one body. This also explains why the Borg Cube in First Contact had a Queen that died and why there was still one in the Delta Quadrant circa Voyager.
I think the point at which I stopped respecting the Borg was after seeing a certain Saturday Night Live skit. Now every time I see “the Borg” I hear it in my head as a bunch of Chicagoites saying, “DAAAA Borg”.
The guy who hired Derek Zoolander to model his “Derelicte” line?
Yeah. But Davros is more like the Borg Queen than the Cyberleader.
True, there are similarities between the Borg and the Cybermen (or even the Daleks, for that matter, both being biologically-based lifeforms who chose to augment themselves with technology for various reasons), but the Cybermen never claimed a hive mind, so Cyber Leader was acceptable. But thinking of the Borg Queen as “the personification of the Collective” (as Aesiron put it) makes a lot more sense to me.
Esprix
I was going to say just what Aesiron said. Besides which, First Contact was one of only two Star Trek movies that was actually really good, as opposed to falling somewhere on the “mediocre-to-execrable” meter. So I’m naturally opposed to labeling that as the moment the Borg got lame. That was actually the moment the Borg because, ever so briefly, really cool. C’mon, how many villains make their entrance by being assembled out of their component parts right in front of the heros?