Babylon 5 was never intended to be seen in full widescreen, but the widescreen DVD is amazing. (B5 was filmed in widescreen.) If B5 can do it, TNG certainly can.
I believe the B5 folks made an effort to film things in such a way as to allow for widescreen. They saw the trend coming, and they planned accordingly. Also, as I recall, they used something along the lines of Super 35 which allows for easier switches from box shots to widescreen (in fact, each version--box shot and widescreen--showed slightly different parts of the image recorded).