Do you really believe that the Sheppard LRT will ever be built? It was put on the map because the transit plan of the day includes it, and Karen Stintz bizarrely insists on refusing to put a subway on Sheppard while insisting that a subway be put under McCowan Road and that somehow it is impossible to put a "subway" above ground.
It wasn't supposed to start construction until 2017 I believe. Killing the Scarborough LRT really reduces the change that the Sheppard LRT will ever be built. We will probably see the proposal to interline the Sheppard subway and the Bloor-Danforth subway revived again. Remember that there is a municipal election 1 year from now, there will probably be a provincial election if not this fall then in the spring, and there might be a transit tax increase which will provide a boost for subway supporters (i.e. if there is 30 billion for transit in the GTA and Toronto gets a bit less than half of it, and this is on top of existing provincial and federal funding for transit, then somehow a few billion to replace the Sheppard LRT with a subway will be found). Also remember that this federal funding raises the amount of money for Toronto transit expansion from 8.6 billion to around 10 billion or so. When city council goes to approve the McCowan Road subway plan, there are bound to be lots of confusing and meaningless proposals voted on council (make Eglinton underground! Build the downtown relief line! Build a subway to Canada's Wonderland!)