I don't think it's a secret that I'm more into Trek than Star Wars, so it shouldn't be a surprise when I say that I'm in for every season of TNG on Blu-ray. CBS did an amazing job with TOS and The Twilight Zone, so I have a lot of faith that TNG will turn out beautifully.
Regarding the effects shots, it looks like they're going back to the original film elements for the models, but the CG is still a mystery. My hope is that they provide higher-res effects that are faithful to the original (same look, just rendered at 1080p). I don't see what else they could do; including the original effects isn't an option unless they take the same route Universal did with Firefly, and that didn't provide very good results in my opinion. It's painfully obvious when the uprezzed shots kick in.
I don't think updated effects that are faithful to the original CG are at odds with the purpose behind ot.com. In the case of Star Wars, all the original effects exist on film for remastering. Older TV shows shot on film but using CG effects rendered at 480i don't have a clear-cut path to HD, and certain compromises will have to be made.
My hope is that they can do something similar to the Toy Story Blu-ray release, which basically took the original CG and re-rendered it at 1080p. Higher resolution, but faithful to the original.