Blown out of proportion? They tried to obtain three tonnes of ammonium nitrate. The Oklahoma City truck bomb only used one tonne. Three tonnes might have been enough to bring down one or more towers, with a potentially huge death toll.
As for 1 BE, I am still hopeful that it will be built -- mainly because I think that Bloore/Yonge could use a 300m supertall, and a few more 200m class buildings there would increase the location's attractiveness for developers.