/\ Excellent post. You make several good points there yyzer.
If the render is any evidence, all that that skyline-tapering nonsense will contribute to is a collection of stubby, semi-impressive buildings. I'm not blindly advocating height because I think there is a lot wrong with the design of the "new" 300 FTW; fortunately, theres much to like as well. While the tower doesn't do the skyline any favors in terms of a focal point, it still provides excellent 'filler.' By that I mean it connects void between the mass the new areas of development - i.e. Fort York and Cityplace - and that of the financial district.
My biggest problem with the "new" 300 FTW is that it looks far too much like they just took 'a piece off the top' while simultaneously forgetting what that may do to the overall composition. Had the balconies tapered off a few floors before the roof (a la render 1), it could still have captured the vertically of the first model without overtly betraying its height decrease. Sadly, they shuffled the massing around, drew a new park and neglected to adequately address the visual shortcomings of the new centerpiece, the tower itself. Modernism is beautiful in its simplicity and it's one of the reasons why I can see myself liking a slightly modified version of 300 FTW's current proposal. That said, what we are currently being presented with has all the grace of a polished Teesdale-Transplant.