I think I responded to you about this on twitter already
We live on King and do go down to the waterfront a lot to walk and use the playground/splash pads. But I'm not sure I'd want to live down there right now, due to the lack of transit access. It would probably be quite glorious in the summer when you are happy to walk/bike anywhere, but a lot tougher in the winter.
And it's kind of a small thing, but the walk from the waterfront up to St. Lawrence is pretty grim, thanks to the combination of construction and the Gardiner and railway underpasses. It can take almost five minutes to walk from the south side of Lake Shore to the north side of the Gardiner, depending on the lights.