I think as a kid I liked it just because I liked Picard and Data and Riker although even then I may have thought the singing was going a little too far/out-of-place with the comedy. Over some time I got more dissatisfied by all the cuteness.
Rewatched again and it really seems like three or more different movies; the basic story of Picard finding the conspiracy, being outraged about it and going against the Admiral, who was authorized although secretly, I think is pretty strong in the first half but it gets too damaged and overshadowed by other, worse elements. Mainly that there's way too much thrown-in comedy that goes against having more drama, the supporting cast gets really little and/or embarrassing material, Anij is a fine character but the romantic feels really forced and out-of-place, the action feels thrown-in, half-hearted. It felt like trying to be and do too many things and you would probably get the sense, even not knowing it really happened, that the story was changed or otherwise influenced a lot by many factors rather than being what the writer initially or mainly wanted to do.
The first half advocates well enough for Picard's stand while making Dougherty's very understandable, even appealing in its way and makes the conflict interesting enough despite the story being really small-scale, but then Ruaffo goes more and more wicked villain and the whole Son'a side of the story seems to be represented by just him and his second-in-command. And while the action is half-hearted it also plays as too good guys vs. bad guys, too much like we're supposed to root for Riker on the Enterprise to destroy them, rather than the antagonists having some sympathy and validity and the Federation being not that different from them. Showing Riker actually convincing the Federation Council to avoid the mission would have made his plotline and the whole second half feel a lot less like just action.