I realize that other cities have done a good job in building 8 lane streets, but I really have no faith in Toronto to do something similar to Madrid or Barcelona. I think a more realistic look at what we'll end up with is Lake Shore Blvd @ Bathurst:
http://goo.gl/maps/JdF5W. This stretch is one of the loudest, most congested, most pedestrian unfriendly blocks in the city.
I wonder how we can reconcile the "why don't we ever build something nice" crowd with the "we shouldn't try to build something nice because we'll screw it up" crowd.
As someone else has noted, Waterfront Toronto would be involved, and the work they have done for West Donlands and Queen's Quay West is very promising.
I am not a traffic expert but I do sit in an office overlooking this stretch of the Gardiner. It is not congested in either direction in the morning. In the evening it is generally not congested, but gets busy, going east. Going west it is jammed, but entirely because it hits a wall downtown. For instance, by 3pm yesterday, westbound traffic was backed up to the Jarvis exit (BTW, very few people taking this route get off at Jarvis, more get off at Yonge, but the vast majority go straight through). By 4pm, it was backed up all the way to DVP. It remained this way till about 6:15, at which point it gradually improved until the congestion was gone by 6:40.
That congestion is entirely driven by the heavy downtown traffic getting on at York and Spadina, so I don't see how possibly 4 traffic lights at Cherry, Parliament, Sherbourne and Jarvis would make a difference -- the traffic is already at a crawl. Yes, the road would be very congested from 3pm to 6:30 Monday to Friday, but you're not slowing down travel times.
Presumably during morning and afternoon peaks you will also have no left turns, signal coordination, etc. There is not that much cross traffic down here on Cherry, Parliament, Sherbourne and Jarvis, so the priority can be heavily weighted to Lakeshore.