Now, the Sheppard subway and the EE plans are another matter. The Sheppard extension (as a subway) would sub-optimal/premature at this time.
The idea to put all of EE LRT underground does not make sense at all. This line will be just fine on surface, perhaps with grade separations in a couple of critical points.
I doubt the Ford's government (assuming he gets to form a government) will actually build either of those. The $5 billion they promised don't buy a lot of subways these days, even with some federal and municipal contributions added on top. They will need to fund the updated SSE, and then deal with the Relief Line and Yonge North. All of those 3 are higher priority than Sheppard East or Eglinton East.
The end result is, likely, no progress on those two corridors in the near future. And that's just fine for Sheppard; it can live with bus service until we figure out how to build the rail correctly.
The delay will be unfortunate for Eglinton East though; light rail on that route both makes sense and is widely accepted, and the design has advanced pretty far.