My 2 cents:
Ferris wheel aside (which I think would be better placed at Ontario Place/CNE), the other two items being discussed have no place on the waterfront. I just don't understand why anyone would want elevated transit on our waterfront. People already complain about the wall of condos, the Gardiner and the train tracks blocking off the city from the water, so why would anyone want to make that worse. With the area very much still under development there is plenty of opportunity to accommodate both cars and LRT. As for the mall, why would anyone want to visit the waterfront only to spend all their time indoors. Indoor malls are for the suburbs where there's nothing outside to see or do. If more space for retail is desired than what is currently planned, it should come in the form of an outdoor pedestrian retail promenade.
That being said, I agree with other posters on here. The Fords have no intention of this ever being built. This a just a pie in the sky scheme meant to distract people with something shiny so they can grab the land from Waterfront Toronto and sell it off and pay for the financial disaster they've been creating since they took office.