For the record, unlike Kennedy station, Don Mills at least has Fairview Mall located there. While it will be a transfer for some, it will also be a destination for others. The Sheppard subway would also expand from its current stub form as a north-central crossroute, connecting with the Spadina line for efficient service to York University (also a major destination). While this setup is not convenient for those travelling from Malvern to Rexdale, the number of stops would make such a trip unappealing regardless, and such a trip would be better taken with 401 GO services.
The SELRT will improve local service along the corridor. It may not encourage commuters from Finch or Ellesmere to take it over those bus routes, but it will improve the ride quality and speed for those along that corridor. And yes, I'd rather see something with more spaced out stops to at least make it competitive with the 401 during rush hours, but unless you want another Harris-Eglinton scenaro where it is canceled after the shovels are in the ground in hopes something better is proposed in another 20 years, I say we take what we can get.