Well it's being seriously considered right now, despite his opposition. This gives me hope that other transit projects can be re-evaluated and, if there is enough public support, redesigned. At the end of the day he is still a politician, and his first responsibility is to the electorate. Especially during an election year, opposing something that has large-scale public support and is being backed by other candidates can be a electoral death sentence.
I would venture to say that the only reason TC still has broad public support is because of the lack of alternative visions in the spotlight. If you have nothing to compare it to besides the status quo, of course it's going to look good. But if another candidate comes forward with a different plan, suddenly the TC group will need much stronger arguments to support their case that they're the BETTER plan, not just the only plan. TC is a lot like Rogers/Bell/Telus: sure, you know you're not getting the best bang for the buck compared to what other areas have, but you know that the only viable alternative is not having a cell phone at all, so you live with it.