I wonder how many people have lived in Montreal. I lived there for six years.
1) Montreal has nicer buildings.
2) Montreal has better dressed people. You can often tell who the out-of-towners are at university simply by their wardrobe.
3) Downtown Montreal is not a great place to learn French. Speak French with an English accent and everyone immediately switches to English.
4) The Francophone outskirts of Montreal are not great places to speak French with an English accent. If you do, you may come across people that will treat you like garbage.
5) The economy sucks. The job market is much worse in general. Furthermore, pay for many if not most jobs is much lower than Toronto.
6) Taxes are significantly higher.
7) Housing is cheaper.
8) Better lower priced Bistro food on average, but for example Asian food is way better in Toronto. Bring your own wine places are a great idea, that failed miserably in Toronto.
9) Booze is available at corner stores, but there isn't drunken rioting everywhere. Half-sized wine bottles are commonplace, which is great too.
10) If you think car traffic is bad in Toronto, it's much, much worse in Montreal. The metro system is better though.
11) It's much colder in Montreal in the winter. It's not as humid in the summer.
12) The municipal and provincial bureaucracy is terrible, and some disgruntled goverment employees don't have much patience for non-native French speakers. My sis who speaks relatively fluently but with an obvious English accent would get government workers hanging up on her when she (politely) questioned them about certain tax issues, etc. (She lived there about as long as I did, albeit at a different time.)
13) Montrealers think their city is great. Torontonians think they're the centre of the universe. Downtown Torontonians think the city ends at Dufferin or whatever.
So I think Montreal is a cool city, but few of the out-of-province people I know who studied there actually stayed there, partially because of the politics and partially for financial reasons. In fact, some of the Francophones I know moved out too, to Toronto, because of the lower Ontario taxes and better pay. I won't say what I do for a living, but for my particular job, I make roughly 50% more than I would in Montreal. Yes you read that right - 50% more.