Do I drop £50 on it or be sensible and wait to buy cheaper? Arggggh the choices.

Out now, fiddy dollah.

I'm going to wait on this, as much as I want it. I still haven't finished watching the all the series DVDs I bought and want to sell that as a complete set, that might fund maybe two of these BDs

It is season 1 and things do not kick in until the beard shows up (season 3) BUT in saying that the word is the work done on the Blu Ray is amazing, very much top draw quality and effort.
Puts people to shame and shows them what your supposed to do with something to give it the love.

On the list of things to buy once i've bought another ps3, after all still got Uncharted 3 to play. 

Seems it was a wise to hold fire, there may be an audio issue with these discs and a repressing is in the works so they should be issuing free replacements if its a problem. I'll post details of this as it comes to fruition.

Copy + paste:

QuoteParamount Home Entertainment (UK) have confirmed details for a blu-ray disk replacement service for those fans who purchased the set in the UK. The full details are included below:

We have discovered an anomaly in the English 7.1 DTS Master Audio track in our Star Trek: The Next Generation Season 1 Blu-ray Box set. There are some episodes that inadvertently had their front channel designations incorrectly mapped, resulting in an undesired playback experience when listening to them in a 7.1 or 5.1 Surround Sound environment. In addition, we have taken this opportunity to correct a few minor issues that were found on other episodes.

We are quickly working to remedy the situation by recalling affected product and replacing it. Corrected versions can be identified by the appearance of a red Delta on the spine and will contain barcode no: 5051368241838 for ease of identification. If you purchased the box set prior to the recall, this will be replaced and will be made available free of charge. Please email stng@sonydadc.com for details regarding the replacement program. You may also call 01992 657 739 Monday-Friday between 9:00 a.m. and 5:30 p.m.

We strive to provide our fans the best Blu-ray experience possible and sincerely apologise for this inconvenience.

New stock won't arrive until the 23rd August, and apparently resellers like play and amazon will ship out new copies to those people who have already bought a set. Apparently play have already emailed customers saying they will ship out new stock to people and they don't have to bother returning the old set.