The long-term approach has been derailed so many times that a short-term, ad-hoc process has a certain realist appeal.
At this point, yes I agree. Come to a consensus on a few projects (ex: Eglinton, the SRT), and get those studied, approved, funded, and designed.
The problem is that "big plans" are so subject to criticism (why aren't you doing this instead of this for this corridor), that the whole plan gets bogged down in debating details, and in the end gets thrown out because the "overall vision" wasn't what was wanted by whoever is in power. By their very nature, smaller-scale projects and plans are better at flying under the radar. The Spadina extension is a great example. It was part of the RTES, but it was designed and funded on its own. As a result, it wasn't big enough to be a practical target for political grandstanding, and it managed to slip through.
I mean, Ottawa is in the process of extending the Southwest Transitway another ~2km, a project that involves building a new station, completely retrofitting 2 others, AND digging an underpass under a major roadway and through a major commercial development. Yet I can almost guarantee that 8/10 people in Ottawa aren't even really aware this project is going on, or if they are, it's too small for them to spout the usual "it's too expensive!" nonsense.
That's not to say that there isn't a place for long-term master planning, but as far as detailed design and funding goes, I think having the projects go on their own is the best scenario. With Transit City, most people don't think "4 projects priced at a range between $900 million and $4.6 billion", they think "it's an $8.15 billion plan". The 2nd raises many more alarm bells than the first. Call my a cynic, but I believe that the public almost has to be dooped into thinking that they really are separate projects, so that it doesn't raise the ire of the un-informed general public, but still enough transparency that those who are informed can make an education opinion on its merits.