Update:
During this week, I was able to travel along the entire line during numerous times of the day for different days. As expected, Tuesday's ridership was much lower than it should have been, with ridership gradually climbing up ever since.
Most interestingly, the morning southbound trains have very little to no passengers using them whatsoever, I and between 5-10 people seem to be the exception. However, afternoon peak ridership is rather impressive, with all seats taken and about 1/3 the standing room used. I'd estimate that a good portion of these trains have between 80 and 100 people on them at a given time. During the afternoon rush, UW had about 30-40 people catching the southbound trains (especially at 4:30, 5, and 4), while Central station and City hall had at least 25 people waiting at 5 pm. Conestoga Mall sees about 5-10 people board each train, but during afternoon rushes, 20+ people can be seen getting off. It looks like Conestoga will be an evening station, where the majority of its use will come from people going to the mall after work.