Meh. I live 2 blocks north and walk right by this every day to get to the streetcar. Spire is across the street and this is 2 blocks from the financial district. I agree that as currently proposed it's a little.. aggressive, but height here isn't immediately bad.
Yep, generally agreed. North of Adelaide height is fair game.
 
Looks like some further refinements have been made to the design. A few rows of balconies have been axed from the west elevation just above the podium.

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http://app.toronto.ca/DevelopmentAp...icationsList.do?action=init&folderRsn=3934964
 

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As a person who lived near Sherbourne and Richmond from 2004 - 2014, and now an owner / resident of a southeast corner unit of the Spire since 2014, I'll be interested to see how this project develops. Although, I'm not keen on the density introduced by Yonge and Rich, The Saint, and the whatever is approved at Church and Richmond (that'll wrap around McVeigh's Irish Pub) I'll wait and see what benefit, if any, will come about in 5 - 7 years.
 

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