I mean this:
http://www.stdimension.org/Cartography/Source/map_stency.gif
The Wormhole shown there is The Bajoran Wormhole, it "connects"/"goes through" deep into the Dominion, passes through the entire Cardassian Union, and "let's out" right near Bajor and Terrak Nor/Deep Space 9, which are close to each other, and both nuetral centers.
So basically it connects two great "Western" powers here- the Dominion and Cardassians- and lets out right near the third player in that, at the area of nuetrals that seperates (at least at the start of the game) Cardassia and the Federation.
Whoever controls that wromhole has a BIG advantage (though not an insurmountable one, as I'll explain) as that is essentially the Diplomacy equivalent of connecting French territory near a bullet train to German territory and having it let out near Norway, where it's nuetral, but of concern to England and Germany, and even Russia.
A BIG advantage, needless to say- but this is space, and a real landmakr, so it makes sense. The DRAWBACK of the wormhole, however, is that it's a two-way street, so you CAN use that to, like the Dominion does in "Star Trek: Deep Space 9," launch the equivalent of a Space Blitzkrieg and send units FAST into battle... but by the same token, the other side can use it too, so you then have to guard/hold that space a bit, otherwise you suddenly went from in the driver's seat to an enemy ship outside your capital center.
This adds ANOTHER layer to it, as then... WHO guards it? Generally the Cardassians and Domion are either great friends and go in STRONG against the Federation (and nearly take them over) or else the two bicker and can end up destroying each other.
This is a bullet train... but it's also like one BIG version of the English Channel or Galicia- it can be the key to victory, but move there and it could also mean instant war.
The Borg Trans-Warp Hub is a bit different, as it's also a bit more difficult... it's NOT a straight line, like the Bajoran Wormhole, which is straightfoward and makes perfect sense in Diplomacy terms- balancing the oh-so-precious gift of FAR faster movement with the possibility of having that same tool being used against you in an epic stab, or if you stp out of line.
The Borg Trans-Warp Hub connects DIFFERENT parts of the galaxy together at a central Borg Hub deep in their space, and that's how they can get anywhere and get there fast. To use another analogy- The Bajoran Wormhole is a bullet train that cuts across dangerously hot-bed territory; The Borg Trans-Warp Hub is like a railroad station, and can send you MULTIPLE places.
THIS would, again, be a very long, very slender non-center nuetral that has branches, one going west towards nuetrals and let's out near the Dominion's border, one going south for nuetrals, and one that goes southwest, at basically a 45 degree angle, and let's out right at the Romulan Nuetral Zone, which borders both the Romulans and Federation (as the name implies, that's there "buffer zone," and the Borg did actually use the Hub to go there in an episode...)
The upsides and downsides here are also very straightfoward- as it is a path to many nuetrals and the Hub's Arms border Dominion, Federation, and Romulan space, you now can get Borg Cubes, one at a time, true to the series, wherever they need to go FAST, even faster than someone can get back at you, generally, since this starts in Borg space. This IS somewhat needed, as the Borg are really very far from the other Five of the Big Six, and we need all the Big Six, it's just not a party without the Borg, and they introduce so many balances and new Diplomacy options; when you can send a fleet to border three seperate powers/nuetrals near them simultaneously, you can make some VERY interesting deals and demands.
The obvious drawback- you move there, and you instantly PISS OFF three powers (unless one of them called for it, of course) and you become more suspicious than a Russia-Turkey Jugernaut at 10 powers apiece... again, this fits, the Borg are very much loners, and only deal when they have to, they use this sort of thing for gunboat diplomacy (when they talk at all.)
The last great help of the wormholes- this is going to be a map with a LOT in it, a lot of planets and a lot of open space... wormholes like this help bring a new dimension as well as the potential for at least the threat of blitzkried attacks, where otherwise, in this huge space, your enemy could possibly see you coming far and away...
Also don't forget- if I make these (as it looks like I will) non-center nuetrals and NOT railoroads, getting in doesn't mean a flash attack instantly, because you have to MOVE from the Wormhole or Hub the NEXT turn towards those nuetrals or your enemy... so this will add a dimension of Diploming to it and allow for faster strikes, but not so fast you're dead and never knew what hit you.