CBS is, in fact, returning to the original film negatives, a mother lode of material encompassing 25,000-plus reels of footage, and editing the episodes together precisely as they were when they originally aired between 1987 and 1994. Visual effects will not be upconverted from videotape, but instead will be recompositioned. The freshly cut film will ultimately be transferred to high definition with 7.1 DTS Master Audio. And all of the work is being done in conjunction with respected, longtime Star Trek figures Denise and Michael Okuda, who are on board as consultants.Full press release available on the 8of5 Archive. Note the cover for The Next Level has also been updated, the Enterprise has been mirrored. StarTrek.com also has a trailer up, with just an oh-so-brief glimpse of footage; be sure to watch in full-screen:
UPDATE: TrekCore have put up a comparison of the tiny glimpse the trailer gave us, and wow the difference is incredible; good-bye weird pinkish tinge to live action footage, and hello crispy detailed Enterprise. So excited! The Digital Bits has also reported the news, and according to them the blurays, like the TOS remastered episodes, will be released in the original 4:3 aspect ratio, but also like TOS there will be versions made in 16:9 if broadcasters wish to use them.