It's hardly comparable; as far as I remember, the only contract that had been tendered was for the moving some utilities, and some site preparation at Eglinton West Station. They hadn't tendered any of the tunelling or station contracts. There's a huge difference betwen the Eglinton West situation and Sheppard LRT by December 2010. It's more comparable to the situation with the Sheppard subway in 1995, where the province cancelled that funding as well, but the project was already far enough advanced, that the city felt that they might as well continue.
It's also not comparable, as there wasn't a Provincial/Federal agreement that had been signed on Eglinton West subway. It would be difficult for either government to change it, even if Toronto asked, at this point ... unless Toronto was to kick in the extra $billion to cover the cost ... and yeah, that's who I'm going to vote for ... someone who wants an extra $billion of my tax money for an unnecessary subway!