I think you're reading way too deeply into it. By "eliminating want" Picard means that humans no longer always want more and more and more at the cost of their own financial security or at the cost of other's financial security.
So... why not just say that instead of stating that eliminating "want" in it's most absolute form? Picard seems to have little to no interest in telling this guy that anything he wants he could probably get without the use of money or lawyers. But no, he just tells them that possessions are a thing of the past and he needs to grow up.
He tells him no such thing. Possessions are obviously not a thing of past given that every single person we've ever encountered in all of Trek has had possessions they are attached to and obviously want. We SEE people in Trek encounter things they want. But we do not see them drive to get those wants at all costs, including the cost of other's lives and safety.
It's pretty clear to see what Picard meant when he made his speech without seeing it as "people no longer have possessions."
It means the standard definition image was enlarged digitally to high definition. Previously, season one existed on 1-inch analog videotape with an equivalent digital resolution of 704 by 480 pixels. Essentially, every original pixel of the digitized tape became four pixels through a process known as bicubic interpolation. It is now 1440 by 1080. They adjusted the color and contrast levels to match the new film scan as best they could and then they added fake film grain over it.
Actually "up-conversion" means "we added bullshit between pixels so that the picture will fit your screen." An HD TV is 1080 pixels wide, a DVD is only 480 pixels wide, meaning a DVD image would only take up less than half of your screen. When something is "up-converted" a computer algorithm extrapolates what should exist between pixels in order to make a 480 picture fit a 1080 screen. Resulting in a picture that "fills the screen" but can look blurry or fuzzy since what exactly those pixels are supposed to be is different than what the up-converting process makes them.
This was worse with TNG since it was never even upgraded to the higher resolution of DVD but came straight from videotape. Which while the resolution of tape the show was edited on is higher than what was seen in broadcast or on VHS it's still on DVD quality.
"Up-converting" =/= Making something HD.
The only way to make something HD is to go to the original source (film) and get the information there since film the only place with enough information to get the details to produce a true HD picture.