I simply don't like 4:3 or black bars. Its a personal opinion and I'd like a choice.
But I just don't understand the objection to black bars on the sides of the HDTV screen.
16:9 relates to our natural field of wider vision and the horse-blinker-effect on a flat screen is more noticable than the letterbox effect, IMHO.
Stanley Kubrick disliked any form of black bars. He felt these distracted you from the viewing experience and composited accordingly. He shot in 4:3 (for 4:3 TV sets) but anticipated the widescreen crop for theatrical presentations.
Since the vocal majority of TNG fans demanded a 4:3 HD presentation, CBS would have been stupid not to give them what they wanted (allowing CBS to make back some of its remastering investment while that is still possible with 4:3).
TNG in reformatted 16:9 is just a question of time for those who look forward to it, and after the 4:3 aficionados have been pleased.