While I would like to see something like this from a technical curiosity point of view, what is immediately apparent to me from that short clip is how little the updated visuals add. Maybe one episode, a one off special, but I doubt the new stuff would pull me in for the whole run.
It's cool to see what can be done and consider the possibilities it opens up.
Given the option, though, I'd rather see that level of effort go into re-re-doing some of the less-effective/convincing effects CBS came up with during their remaster. Also, there are smaller things that CBS never did which seemed like obvious targets: warped "view screens" that are clearly photographs on some of the upper consoles, dirt and grime in some episodes, some of the weaker phaser effects, etc.
Then later maybe someone could work on DS9 and delete Worf from the entire series... (I kid, I kid!!)