Really, I think the strengths of TNG as a show were in the stories and characters, and they were a little shaky at times in the first couple of seasons.
No amount of visual cleanup can change that.
What the Blu-ray presentation does do, for me at least, is provide a much more polished presentation of those stories, and work to highlight the audio and visual quality of all areas of production, even if elements were updated.
It means that some of the visuals that didn't quite work due to the time and technology available, worked a lot better, aiding in the suspension of disbelief.
So in a way yes, but also no.
I'm personally floored by the quality of these Blu-rays, and how much detail the producers were able to pull out of the original elements.
They have also been incredibly, and correctly, faithful to the original episodes, making this more of a restoration and cleanup than anything else.
To me, this is how a TV show such as TNG should be treated, as the work here adds life to the original work, and keeps new generations talking about and enjoying it as we have.