I hope the backlash against the Star Wars Blu-rays doesn't negatively affect this effort. I see little/no difference except that fans seem to like the effort to resurrect and "improve" the TNG episodes while fans react with violent regurgitation to the slightest touching of the sacred Star Wars texts.
I am somewhat ambivalent myself. I know what Star Wars was, I know what TNG was. I want my kids to watch both and not feel like they're watching something from daddy's VHS pile in the garage. I'm willing to see reasonable modernization and fixes within the original context of the show/movie.
I don't think most kids would get through TNG as it stands today especially starting from the beginning. It would be the rough equivalent of the black and white Twilight Zone episodes from my youth that I never wanted to watch. (Yes, I like them decades later, but didn't then.) I'm torn between preserving my nostalgia in stone and modernizing to make sure future generations can experience the same essence of the material I enjoyed.