Anyways, I just now finished up season 3 and it was really, really, good. Sad that it's the end (though watch the final episode past the credits for a potential offshoot) and that they couldn't have done this from season 1. Just very good writing, and I liked the TNG characters better than their TNG versions.
I tortured myself and watched season 2 just beforehand in case there was some continuity I needed to know. Absolutely none, and what a crapfest. As mentioned a few comments up, the season 2 borg turn into good guys. Without giving up any big spoilers, it's like that whole timeline or whatever didn't exist in season 3.
I think you could go from season 1, which does get referenced in season 3, directly to season 3 and skip 2 all together. Or if you think you need to see season 2, do what I did and keep the remote in your hand with you finger hovering over FF. I think I averaged skipping a good 20min per episode of nonsense.