Hype? If there's any actual hype, I'd say it was well deserved.
The difference between TNG on DVD and Blu-ray is night and day to me; and that alone makes it well worth the purchase. As someone who purchased the DVD sets as they were first released (often at $100 a pop, young man with more disposable income then, but I should've learned that income should NOT be so easily disposed!), the Blu-rays are a relative bargain. Yes, Paramount has long held the tradition of being able to milk Trek fans on home video purchases, but it seems CBS is giving more bang for buck. I ended up selling my TNG DVDs, so I made my own "rebate" when it came to the Blu-ray purchases.
Besdies, even if you can't afford the sets now, they will go down in price, and eventually, you'll be able to enjoy them for "free" down the line (Amazon Prime Instant Video already has seasons of TNG in HD for streaming), and I can see cable TV picking these up eventually too. Watching TNG on Netflix, BBCAmerica of SyFy is almost painful once you've seen the beautiful job done on the high def sets.
"That being said..." I still have warm memories of tuning in to TNG on a ridiculous tube TV that while hooked up to cable, looked to be more at home with rabbit-ear antennas with tin foil on top. So I can't begrudge anyone who doesn't think the upgrade is worth a double dip or can't afford them.
I look forward to seeing a DS9 blu-ray announcement someday soon. Heck, I might even consider Voyager, my least favorite of the Trek shows, but I guess that really would be the completist in me...