Close, but in reality, First Contact never happened, because Picard never left the Nexus in Generations. It was clearly established that once you were in there, you couldn't leave. So him popping out with Kirk and saving the Enterprise was just a fantasy created within the Nexus. Then, since the Borg programming was still left in the back of his brain from Best of Borth Worlds, he had another fantasy hallucination in which he dealt with it while also working through his anger and pain at what was done to him while he was Locutus. Etc.
So, essentially, Enterprise was an extended part of Picard's imagination, imagining what the birth of the Federation must have been like. That's why it made no sense with previously established continuity, but meshed fine with his (TNG) era.
Why, the more that fans show an interest in the older stuff and much as the newer stuff, it could help open up their interest in revisiting the prime timeline.
Enterprise destroyed my faith in the Trek franchise.
Star Trek (2009) brought it back.
Enterprise may have had some good ideas, but more often than not they were mired in REALLY bad ones (Temporal Cold War) or just executed excrutiatingly painfully (the Xindi arc.) There are only a handful of episodes I would consider actually "good," the rest were just mediocre or awful. I think it's really telling that pretty much the high point of the series was the "Through a Mirror, Darkly" two-parter. . . an excuse to get a bunch of TOS stuff in the show, as well as show the evil Mirror universe counterparts of everyone. Everything else was just SO close to being epic, but ruined by bad decisions.
Voyager was more inconsistent than anything imo: it had good episodes, the 'safe standbys' of the franchise, really bad ones, and better ones like 'Year of Hell'.
Enterprise... not entirely sure whether it was a worse kind of inconsistent than Voyager, or simply bad overall. Jury's still out on that one for me, but it did have it's moments (mostly in the last season).