Agreed. The building of the (much needed) East Bayfront LRT would not necessarily get the Portland's built. However having the Portlands built, or coming, makes a strong case for the LRT even stronger.
Exactly, and I think it's also worth noting that an LRT to the Porlands is literally impossible without the completion of this project.
Personally, I think this is the most exciting development in Toronto urbanism in my lifetime (at least assuming it's carried out mostly as planned without meddling from Mammoliti types or future Mayor Ford).