I can't predict the future obviously, but I think it would be a reasonably safe bet that you won't see a season of ST: TOS on BD until right around the time the new ST movie is in the theaters.
True. However, I can't imagine Toshiba not 'selling the rights' to those encodes to Blu-ray Disc should they own them. Afterall, they're pretty useless to Toshiba otherwise.
On top of that, the release date of the prequel movie itself has been pushed back to summer 2009. Therefore, it could be quite a while before we see either Star Trek TOS S1 or 2 on Blu-ray Disc.
I'm not surprised at the delay, postponement, cancelation, whatever. ;) Yesterday's Paramount press release touting their Q1 HD DVD plans didn't do much to "wow" me, and I said to myself if ST: TOS S2 holds to its 3/25 release date that will show me how committed to HD DVD Paramount is at them...
Given the amount of trouble I had with poor packaging and scratched Combo Format discs on the Season One release, I will wait for a Blu-ray Disc release no matter how long it takes.