I note that 6 lanes of traffic in the "before" has become 2 lanes in the "after". While the original photo only shows a few cars on the road, I wonder what it would be like at rush hour (when there would be no parking so all lanes would be in use).
The street in the picture looks a lot like adelaide or richmond in Toronto. Making them two lane streets would not improve traffic downtown in my opinion.
Moving buses into their own lane would help traffic a little bit, but not much unless there were originally a lot of busses on that street.
If in fact, there is only ever enough traffic on this street to warrant two lanes, then this does look like a nice way of doing it.