I find it interesting that downsized Transit City has 14 Eglinton stops underground as opposed to 13. That sounds like a win. And if they're chopping so much of it, why not just build it as a subway? (Am I actually agreeing with GraphicMatt?) And if you're going to cut back Sheppard and tunnel to Consumers, why not just make the tunnelled part subway, and do BRT the rest of the way? As for Finch, I'm disappointed about it getting cut back so drastically. I always felt Finch would make a great crosstown LRT line (i.e. Finch West and Finch East).
I still have this nagging suspicion that all this was planned to give Smitherman some kind of way to save the day and win the election. But who knows.