Well done. This is no longer considered Star Trek canon anymore, since First Contact reworks a lot of elements in this story, but it's still a great work of fiction. Federation spans 300 years of future history and two different Star Trek series, weaving together elements from 3 different time periods into a seamless whole that makes sense and is not hokey. Eventually the three storylines converge and there are elements of older Star Trek episodes woven into the whole fabric that made this a really nostalgic adventure for me. Reminded me of the better parts of 8th grade and times with my dad watching dorky science fiction.
I noticed on reading this and comparing it with the numerous Star Wars novels I've read that the thing that separates the two is the level of action. Star Wars contains epic battles and these very cool filmable moments that you can visualize and say, "dang that's so cool." Star Trek has more of a family feel, an adventure into unknown and uncharted territory, where discovery is what's exciting. It's more technologically and scientifically oriented and there is awe and wonder in the discovery of new laws of physics or new species and new races, or in the discussion of the technology, which seems far more advanced than Star Wars tech.
Anyway, Federation tells the story of Zefram Cochrane, the man who invents faster-than-light travel and makes the whole world of the Federation and Star Trek even possible. The story picks up on the outbreak of World War III and Cochrane is a wanted man- wanted for the military application of the technology he's created. So he uses it to go into hiding, setting out to be the furthest man from home, and he is never seen or heard from again. We also meet Kirk, at the end of his life, searching for meaning, wanting the adventure of discovery to continue as he remembers his past, and his very unusual run-ins with a young Zefram Cochrane- 200 years after the man had disappeared. Also making their way into the story is the crew of The Next Generation, and my favorite captain, Jean-Luc Picard, who are unraveling a Romulan mystery, which may or may not hold the keys to the Federations survival in the coming confrontation with the Borg.
It's a well-written, well conceived story, but I think to get the most out of it, you have to have background knowledge in both the original series and the next generation. Recommended for all Trekkies.