Buying S2 in its current state simply sends the message to CBS that this level of quality is all it takes to get your money. But that aside...
Let's assume that we get what I think we can unanimously agree we ALL want, which is for CBS to learn its lesson from this situation and for future seasons to be up to the level of S1. So down the road (2014 or so) CBS has 6 great-looking seasons and one mediocre (at best) season to sell (on home video but also streaming and TV syndication). If (as I contend) the incremental costs involved in correcting S2's flaws are relatively small (but not to say trivial) given the scope of the entire project, before wrapping the entire TNG-R project and moving on to, say, DS9, why wouldn't CBS revisit S2 to bring it up to the level of the other seasons? Sure they don't have to, but they get good PR and they'll sell you another box.
Sure I'd rather have a corrected S2 now rather than later, but I only want to buy S2 once -- when it's done right.
I can only point to industry precedent; Fox remastered the Patton BD to a much smaller market four years later when the initial release got mostly positive reviews (the outcry over excessive DNR came some months/years later). Here we have a higher-profile release, with a long buildup of criticism of the PQ leading up to mostly mixed first-hand reviews.
IMO we should be calling for a re-remaster of S2 sooner rather than later (owing to short attention spans in the biz), rather than giving CBS a mulligan for S2. Everyone votes with their wallet; just think about the message you're sending.
realistically I dont see the re-remaster happening, even though business case might be there (less sales for fixed box, but also significantly less cost to invest).
i'm on the fence about cancelling my pre-order too, but OTOH, it is going to be better than DVD, despite it appears to be significantly inferior to S1.
If they really watch these forums, I hope they have learned from their mistake and now see that while medicore quality might sell a few boxes too, the general fandom tastes can be spoiled easily.