I think that the average Torontonian's opinion of it is so vague and undefined that they'll believe whatever they're told by someone they agree with on other issues. If someone on the left or in the centre comes out and says "we should build elevated, because of the following reasons:", I think a lot of people would support it. If Ford came out and said "no way are we building elevated", you can bet your bottom dollar than anyone in the next couple of years who even whispers "elevated" will be met with vitriol from a lot of Ford supporters.
That's the problem with concepts that people have no personal experience with: they're easily manipulated. It would be very hard to tell a Torontonian "subways are just as slow as streetcars" and have them believe it, because 99% of them have been on the subway and will tell you that isn't the case. But if you say "elevated LRT is just as fast as a subway" a lot of people would be likely to challenge you on that, because most of them have never actually rode an LRT, and thus are very susceptible to prejudice and "well so and so told me that they're slower", which is the situation we're dealing with now.
By the way, the same thing holds true for Torontonians' opinions about BRT. Unless you've been to Ottawa (or some places in South America, which is even less likely), and have actually taken OC Transpo, you really haven't experienced a true BRT. The argument against BRT is the same as the argument against LRT: "It's just a glorified bus/streetcar".