Here is an update this week from a review of
Star Trek The Original Series: Season Two
He is referring to the TNG feature films being released in Q4 2009 and TOS season 3 on Blu-ray through early 2010:
September 17th, 2009
Once the films and original series are completed, my sources tell me to look for The Next Generation to start sometime late next year. There is even some word at the Paramount Rumor Mill that these episodes might also get an f/x upgrade and even be converted to widescreen. It’s all rumor right now, but Paramount has a lot of Star Trek to churn out Blu-ray revenue from. So, even without the upgrades I’m confident that The Next Generation will soon make it to Blu-ray.
Woo hoo! that's Q4 2010. So if they do anything I'm guessing the reality may be 2011 for any TNG release on Blu-ray in any form (entire seasons vs. fan collectives vs. best-ofs)
And it is highly doubtful
they would not
keep TNG episodes' original aspect ratio of 1.33:1 full frame.