The great thing about TNG in high definition on Blu-ray is that the amazing amount of picture resolution and detail makes it seem as if the series had just been produced a year ago (and that the actors hardly aged). It immensely adds to the viewing experience, so yes, it makes TNG (Season One) more watchable.
Another thing in the future that will help make it more watchable for younger audiences, IMHO, will be a re-formatting into 16:9 widescreen.
Having seen films and other series in widescreen in HD prior to TNG, image compositions like this
with extra head and especially a lot of bottom space made me wonder if it wouldn't look more epic and/or up-to-date to have those extra areas trimmed to get a widescreen image.