The new schedules are up. They're not easy to read, because they don't list the train connections with the buses, and separate train-bus trips from train-only trips, but there's a few take-aways:
All but the last bus of the night will be suspended
on Route 16, the Hamilton QEW Express.
Many rush-hour trains are gone, particularly the express trains on LSW, LSE, and Kitchener Corridors (some converted to local service). Milton Line loses several runs. The mid-afternoon and evening runs to/from Kitchener are gone, as is some evening service even to Mount Pleasant. No more trains to and from Niagara for now. Many bus routes cut back, especially the 407-series routes.
UP Express will be half-hourly.
What it does do is maintain full spans of service, even if it means a slower or less frequent service. People will still get to where they need to go. It puts a lot of their operators and maintenance staff in reserve, able to maintain these schedules.
Looks prudent to me.