I think the Star Trek Enterprise Regeneration episode last night was one of the best in the series thus far. However, I have to agree with Jeremey Zawodny in that I was at first confused about the timeline, but I do think they pulled it together nicely.
As a few people have already mentioned on Jeremey’s blog, when the Borg contacted the Enterprise, they didn’t say, “We are Borg…”, which coincides with the storyline in ST:NG whereby they didn’t know of the Borg.