I have not seen it yet (given that it's 3am on Friday morning here), but I thoroughly believe the "2 hour episode" sentiment. I believe (as evidenced by previous TNG movies) that the current cast is inherently incapable of expanding their dramatic roles to convincingly fill the big screen. "First Contact" makes an admirable (for Star Trek) attempt, but fails miserably in the second half's "Zefram Cochrane worship". The Star Trek franchise, in my opinion, may well benefit greatly from taking the risk of putting new unique characters into a tough situation somewhere in the ST:TNG universe, perhaps using actors more familiar to the big screen. Take a chance of moving the focus away from a Starfleet bridge crew and do something different. Show a grittier side of human nature, one where bathrooms exist, where uniforms have pockets, and where people do things in their spare time other than read/watch Shakespear, listen to classical music, and do calculus homework.
Babylon 5 did a series of 2 hour made for television movies that have a very different feel from the original episodes, but were quite successful in convincingly retaining the spirit of the series. It's possible, but the people putting together the Star Trek movies currently don't know how to do it.