The Bloor bus (#3) is the one I would be taking to get home if I was not driving. It's a bit shocking to read that they are providing only 80-minute service on New Year's Eve.. That's essentially the same as no service.
Walking to/from either Burnhamthorpe or Dundas is not necessarily the answer either, depending where on Bloor you are. East of Cawthra, you can walk to Burnhamthorpe, and it's probably about 1 km. depending on specific street patterns. You can't access Dundas from Bloor east of Dixie (to the Etobicoke boundary), as Little Etobicoke Creek is in the way, without any bridges at all.
West of Cawthra, the Bloor bus loops around Mississauga Valley Blvd. It's a good long walk north to Burnhamthorpe, and it's pretty much impossible to access the area on foot from Dundas, because of railway line and the big embankment along Dundas.
I see this as a backward step.