I like Kevin's idea of doing up a few chosen episodes. I think doing all 170-odd episodes would just cost way too much and they'd never make their money back. The effects hardly hold the show back like they did in TOS. Ok some of it could be better but it's not the kind of stuff you cringe at with a sharp intake of breath, it's just a little old. All part of the charm IMO.
The ultimate goal though is to bring TNG up to the resolution of HD. There's nothing 'wrong' with most of the effects as they are, whether they have photographic elements they can reassemble or need to mimic them using full CGI instead. It's not like TOS where many of the effects really were in terrible shape due to the photographic techniques of the time.
Agreed, sums it up.