As a Netflix streamer, I do care about picture quality. You can definitely tell the difference between SD and HD even when it streams.
Having said that, I'm excited to see what they can do with this, but I don't think I'll buy this on Blu-Ray. I don't think TNG has aged all that well, at least enough so I don't want to purchase it.
I'm a Netflix user as well and I can tell a huge difference between SD and HD content.
As far as repurchasing TNG, I'll just have to wait and see. It would have to be a massive upgrade in picture quality and effects to get me to shell out more money on the series.