I don't think the Eglinton portion of Smartrax will go ahead and that's a good thing.
Any Eglinton portion will be an extension of the Eglinton LRT to hook up with the MiWay Transitway.
Smartrax will be far easier, faster, and much cheaper to build if it basically just took over the UPX line. It's amazing how Toronto's newest "rapid transit" line in a decade has received nothing but scorn and the only people looking forward to it are people at Metrolinx for a good old fashioned ribbon-cutting. Metrolinx has said this line will not have it's operations subsidized so unless these fares are at $30 one way {as the Auditor General thinks they will have to be to break even}, this line is going to bleed red-ink. There will be a huge public backlash when the high fares are announced and after the Pan-Am games, I think this line will probably be converted to a GO RER or Smartrax which is what it should have been in the first place.
A Smartrax {which would be TTC fare} would also serve hundreds of thousands at Weston and Humber area that have no options now except the slow boat to China buses. Basically subway service to thousands who are crying out for it.
That's the good thing about Tory, he is not the type, unlike Ford or Harper, to see positive feedback as a front on his authority. In other words he is a reasonable person who is receptive to change to routes and stations. I think Smartrax is both smart and doable and will go ahead but using the UPX corridor and the Eglinton portion of the line is one of it's most expensive to build so it will come in well under budget.