While of course it shouldn't be the only consideration, I believe there is merit to also considering the quality of experience in the different modes of transit.
It's true that riding a streetcar is a more elegant and civilized experience than being on a bus. There's no swaying or bumping, there is no loud engine noise, there is no (local) exhaust, etc. If efficiency was comparable between buses and streetcars, I do think it would be worth paying more for streetcars.
So, while I agree that we need to keep our heads cool and not overly romanticize the streetcar system, we should also be careful not to forget that there actually *are* important factors beyond mere numbers, which *will* impact ridership, quality of life, etc, and, yes, the city's brand.