I'm tempted to vote for anybody who suggests a subway line on Queen. That's where we should have one now instead of on Sheppard. This idea of building subways to stimulate development is asinine - subways are meant to move people!
One nasty side effect of development is an increase in the number of people. Thank god we don't let people into the buildings we build...they might start living there, or working there, or shopping there!
From the perspective of pure existing ridership, Queen would be not be at the top of the list for a subway line. Does it even hit 1000 riders per hour at any point right now? Throw in most of the 501's stops being removed and add long trudges up and down staircases and add transfers near Dufferin and Carlaw or so and a subway can't even be considered a guaranteed, universal improvement upon the 501 for all of its riders, or maybe even for most of them.
Can you imagine the Sheppard line placed along Queen? No stops between Yonge and River, then stops at Carlaw and Greenwood before the line ends at Kingston. That's it. Oh, that's right, in an alternate universe, Sheppard still gets a 4 stop, 5km line while Queen would get the full shebang from the Beaches to Mimico or something like that. Naturally. Also, check out how much the population grew from '01-'06 in wards 13, 14, 18, 19, 28, 30, and 32.