There are some very detailed discussions on this board as well as on thedigitalbits.com and trekmovie.com. I'm not saying this to snark, only to point you to some places that can provide more info than I can in this brief post.
In short.
Enterprise and The Animated Series could make the transition to Blu-ray without too much hulibaloo. It would of course cost some money for the transfer, but nothing out of the ordinary.
TNG, DS9 and Voyager on the other hand can't be done the same way as TOS (and even if they could, keep in mind that it took two years to complete three seasons of TOS)
The '80s/'90s shows were shot on film, but were edited on SD video. Also, all the effects shots were rendered in video. So creating - for example - a single episode of TNG wouldn't be an issue of grabbing an old film reel and creating a master. It would be going back to all the raw footage and then either getting the original editing notes or watching the original episodes frame by frame to build the episodes again from scratch. And then find some way to create the special effects in high def. Which would mean either re-rendering the shots (which may exist for Voyager) or re-filming the original pick-ups.
So creating one episode would be something of a large production. Possible? Absolutely. More and more viable in the future as more technology comes to light? Sure. But currently, it wouldn't be a kind of big project, it would be a tremendously long term and expensive product. And while TNG is very very popular. The kind of 2009 money involved would be extraordinarily high.
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