Personnally I believe that the Borg would not be around in the 32nd century. Either that or the Federation wouldn't be. The Borg were just too powerful. Since they do not negotiate they could not co-exist with any other species. This would make it not feasible to have them in the same space over a extended period. They would either assimilate the Feds or be destroyed. The closest real world anaolgy would be the Nazi's. Again very powerful and no negotiation.
Of course I realize its Sci_Fi so anything goes. But its fun to speculate.