Nobody asked for my opinion, so I'm going to offer it. :-)
I'm a purist when it comes to aspect ratios. I want to see films and TV shows in the aspect ratio they were originally shot for. I want to see the shot as the director and cinematographer originally composed it. I don't want any changes, even minor ones such as removing "extra space" above someone's head, because that's not the way the shot was originally framed.
Therefore, I am more than willing to accept the black bars either above and below, or to the left and right of, the image. I would never want to see TNG converted to 16:9 any more than I would like to see TWOK in 4:3. To me, it's the same as taking old episodes of classic TV shows like I Love Lucy
and colorizing them just so they look "modern." Leave things from the past alone. Let them look like they were from the past. Don't force them to be part of the modern era of filmmaking.
That being said, I understand that what I am saying is just my opinion, and that others are certainly free to disagree. I certainly have no objection to CBS producing a 16:9 version of TNG to satisfy those fans who want it, as long as the original 4:3 versions also remain available. My problem comes in when you have a situation like George Lucas where someone wants to declare "my new version is better and you should never see the original version ever again."