As he explains in the following audio interview, the miniseries takes place in Captain Picard's present as well as 500 years in the future where the Borg have assimilated virtually everything and are being led by the reassimilated Picard, who is once again Locutus.
Braga, of course, was an integral part of both Next Generation and Voyager, co-creator of Enterprise and co-writer of 1994's Generations and 1996's First Contact. He most recently served as executive producer of Terra Nova.