As for future means of releasing the show, I'm not really convinced that the only way to get the series to Blu-ray is by updating the effects. I'm all for remastering the picture and sound quality. But don't mess with the effects.
They have no choice. The effects were created on videotape, which means that they can never be shown in HD (since the max resolution of videotape is so low). It's unavoidable. To show DS9 episodes natively in HD would REQUIRE that all effects be redone from scratch. It's the same with TNG and Voyager.