I say if if the portlands are such a gem (and they are), then its worth taking the time to get them right. A lack of shovels in the ground isn't necessarily a lack of progress. Phasing strategies are a critical part of planning and growth management.
The least successful waterfront developments around the world share a common trait - they leap frog over post-industrial lands to take quick advantage of large land assemblies and views back towards the city. But they will always exist as an appendage to that city - a destination you drive to, and feel compelled to shop lest you feel unwelcome. They never grow from an established pattern; they just spring up out of the ground like suburbs.
WT's current plan recognizes the need to establish a meaningful connection to the portlands through the measured take-up of the West Don Lands and East Bayfront. As those projects start to come on-line (and they really are - go take a look) we gradually build enough interest and value to make the cost of the portlands worthwhile. But not yet. 20 years is an entirely appropriate timeframe. Don't worry, you can still get on with your life in the meantime.
And a shopping mall is NEVER an appropriate lead-in investment, as it creates a huge void of inactivity around it, and sets low development standards. The public sector should always control the catalyst infrastructure like roads, parks, pipes. Set a flexible block pattern, permissive zoning and high architectural and environmental standards. The public sector takes away the risk, but maintains quality control. THEN you step back and let the private sector do their thing.
Just another 'lefty' opinion from someone that did his master's thesis on waterfront development, and has worked on waterfront plans in Canada, the US and the UK. (And no, I don't work at WT)