Well, for starters:
There are aquariums and there are aquariums. The Ripley's project will feel like a second rate side-show attraction, and all the more so that they are sticking it incongruously at the foot of the CN Tower. Tack-y!
Also, it is asinine that an aquarium not be on the water considering we are adjacent to Lake Ontario (like, hello?!). I mean, how much more obvious can this be? ... and nevermind the silly argument that the lake is fresh water, not salt water and bla, bla, bla...
Whether it should be some conmbination of private and public funding a Burlington/Hamilton location could be spectacular, given the right design. Some here just want to see it in Toronto at all cost, completely ignoring the fact that there are tourist sites throughout Ontario that actually get more visitors than sites in Toronto. A Toronto location will not automatically confer success.
Even within Toronto there are far better locations and concepts for a potential aquarium than this one... although, admittedly I must wait to see the final design, obviously.