I made these a while back to show how cropping wouldn't negatively impact the show.
Here's the originally framed 4:3 shot
Another shot, old school:
And new hotness:
The "meat" of the action has been, and will always be in the center section of the screen. Losing the background on top and the foreground on the bottom wouldn't really negatively impact the plot, feel, or "director's vision".
Maybe it wouldn't, but cropping the show in this way doesn't add
anything either. Sure, there will always be people complaining about the pillar boxes at the sides of the screen. They're the exact same kind of people that don't understand why there are bars at the top and bottom of 2.35.1 movies. This project is about preserving this show for a next generation of fans. And IMO it should be preserved in its original aspect ratio, like TOS and classic movies like Citizen Kane and Gone With The Wind.
Plus, lot of people just like having the entirety of their TV that they paid a lot of money for filled with exciting colors and moving images. Double if they paid hundreds of dollars for the full TNG-HD box set.
Tell me, who are gonna buy these episodes on BD? Trek fans and home theatre enthusiasts. They all know that TNG wasn't produced in widescreen. So I don't think that a lot of people expect or want their TNG full widescreen.