The Eglinton West subway was purely political to begin with. It's not popular here to say it, but killing that thing saved the TTC a few decades of unnecessary OM costs. With the recession and drop in ridership, Eglinton West would have just vampire sucked funds away from every other part of the system and left Toronto with a useless stubway.
How a busway became a subway:
Much as almost everyone here will bite my head off for saying this, Harris saved the City a bunch of pain by killing that thing.
There's an insidious logic on this forum and elsewhere along the lines of Toronto needs transit, x is transit, Toronto needs x (the politicians transit fallacy?). Yet, look at the actual transit projects which time and time again get promoted by Queens Park (Sorbara subway, Eglinton West, Scarborough subway, Sheppard subway...) and they're almost worse than doing nothing.