I think you've got it exactly right - and the subway-philes around here need to realize that Ford is going to keep them sub-waiting forever.
I'm definitely pro-subway, but I don't want Sheppard. At least not in the top 3 projects. I strongly suspect that Metrolinx is going to step in, and say that Sheppard has to wait in line. Metrolinx has their priority lines, Ford has his. Given that Metrolinx is holding the chequebook, I think they're going to win. I also suspect that a B-D extension to STC is going to be in the cards, just so that Ford can say that he got a subway to STC (although not the one that he wanted first, B-D to STC was still on his transit "plan").