It's not good enough because it's a huge city without any rail transit at all. Sure, if they had one or two highest order lines then providing more local services with trams on connecting lines would be great.
Did you miss Lakeshore GO?
That line will, be every 15M at minimum, all-day within the next couple of years; and 1/2 that at rushhour.
There are early indications that the winning bidder and Mx have, in fact, seriously discussed higher service levels (every 10M or better off-peak and 5M peak).
A subway in Mississauga is not/was not a near-term option; whether or not you give it another name or elevate it.
****
There will be other investments. Milton 2-way, all-day is coming, with 30M off-peak frequency. Excuse the public theatrics...........its coming, though it will be awhile yet.
The Eglinton Crosstown West will bring service closer to Mississauga, and that, will in turn, be extended to the airport; and quite likely beyond in the years ahead.
Will Mississauga be a transit paradise anytime soon? No. Will it be much better than it is today?, Yes.
Will this LRT contribute to that result? Yes.
Lets stop getting caught up in spending 100B we don't have. on fantasies.
There are some ideas that are on the edge of viable, and can be pushed, a light/metro/subway on Hurontario is not and was not one. Lets revisit it in 20 years.