I don't know, I still find it difficult to agree.
First of all, let's dismiss the argument that because Series A was released on DVD twice, and Series B was released on DVD five times the Blu-ray of Series A is worth more than the Blu-ray of Series B. Unless the exact same HD masters from a 2007 DVD release are used for a 2014 Blu-ray release, this argument holds no water. DVD is DVD and DVD sucks, that's why it is so inexpensive, and it, in turn, cheapens the Blu-ray format (and home video itself) by continuing to dominate sales.
Some have brought up the idea that TNG is worth more because CBS went back to the negatives, but my understanding is that they also did that for I Love Lucy. Perhaps in this case, that was done for DVD some time ago (if that is the case, the arguments against this Blu-ray are much stronger, and I will gladly concede), but as far as I can tell, it looks like CBS re-scanned the film specifically for this Blu-ray release.
And sure, the re-composited VFX work costs a ton, and probably makes the TNG Blu-ray project one of, if not the most, expensive Blu-ray projects ever undertaken. But that show also has a massive fanbase of Blu-ray buyers who can offset that cost, does i Love Lucy appeal to many of them? Probably not.
Add that to the fact that the 35mm elements for I Love Lucy were probably not as pristine as say, those for TNG, given that there is an age difference of over 35 years between the two series, and I imagine the film elements for I Love Lucy had to be used more than once for new prints, etc. Whereas the TNG film was probably scanned once, and then stored, with all subsequent work delivered on SD video.
While I agree that CBS/Paramount should follow Image's Entertainment's example and release a complete series box first, followed by individual seasons, they are two different companies, and we don't know how these deals are worked out.
All we know is that a studio is a business, so they will do what they can to make profits. I imagine, then that if it was more cost-effective for them to release a complete series on Blu-ray first, they would have done so. Certainly, sometimes the people running these labels make stupid decisions, but usually not where profitability is concerned. I'm willing to bet that, just like TNG, the work on the I Love Lucy Blu-ray project is nowhere near finished, and this is the reason for getting season sets now, as opposed to a complete box set.
Now, what I know as a consumer, is that I have seen some shows take a decade or more to finish out runs on DVD, and some shows have stalled and may not finish at all on DVD.
And what I also see is a paltry selection of remastered TV on Blu-ray, especially serialized TV. Indeed, Image's releases of The Twilight Zone and The Dick Van Dyke Show would seem to be the exception, rather than the rule. If complete series boxes on Blu-ray worked for everyone, and all they had to do was release the one box and wait for the profit to slowly trickle in over time, wouldn't we see a lot more HD ready shows getting released as Blu-ray boxes?
Obviously, I Love Lucy is beloved everywhere, and probably one of the most profitable TV programs in home media history. But I would hate to see it stall on Blu-ray, and then more series not get the green light for remastered Blu-ray release because of it.