With HFR through Peterborough they are accepting a subpar solution. And if they can't get Montreal to Toronto significantly under 4 hours, it already is DOA.
Thankfully for anyone who’s money may have to pay for any HFR/HSR solution, the decision of what travel time is acceptable will be made by those who administer these funds and not by the demands of some railfans on internet forums, which seem oblivious or ignorant to the implications (to capital cost, construction timelines and political risks) of their demands…
I'm not sure I identify with either of these POVs. The HFR concepts would probably result in a much improved experience for Toronto to Montreal rail travellers, but it can't be denied that taking the travel time to the low 3hr mark would change this trip on a different order of magnitude. A 4.5hr trip, that is reliable, would be successful as a transit option while true high speed rail would likely be the type of success that eliminates all flights between Toronto and Montreal.
-From my own experience on the year: I took 4 trips to Montreal, one of those trips was by VIA, (it was delayed both directions by an hour and resulted in a 6+ hr trip, which is clearly unacceptable) I wont be taking it again any time soon.
-If a reasonably priced HFR existed in a 4.5 hr, Toronto - Peterborough - Ottawa - Montreal version, I probably would have chosen VIA for 3 out of 4 trips. (one of them required a car)
-If reasonably priced ~3hr HSR existed I would have also taken those 3 trips, but would have added 3-5 extra trips to Montreal. I would likely add more trips to other destinations due to the speed advantage over cars.
From my point of view, HFR would be good, but HSR would change my life through new economic opportunity, wildly better connection to my family, and all around increase in my general freedom.
My point of view is that they should spend whatever it takes for true HSR because there is such a significant upside. This is not a position I generally argue when it comes to the bloated budgets of major transit infrastructure projects.