I am very surprised by how well the Queen/Bay/Osgoode section performed. It did much better than the King/Bay/St. Andrew, which was widely regarded to be the optimal alignment for the RL. I'm also surprised by how poorly Union Station performed.
However, even though each of the downtown Queen stations has the same or more potential than their counterparts on King, the King option would allow a direct connection to Union Station, which may be more beneficial than a Queen alignment without a connection to Union.
Looking at the report, my preferred alignment (black line) would be: University/Queen (Osgoode), Bay/Queen, Yonge/Queen (Yonge Station) and Sherbourne/Queen. The line would then dip down to Cherry/Front, then back up to Sherbourne/Queen, Gerrard/Pape and finally terminate at Pape @ Danforth (Pape Station).
If that dip down to Cherry/Front would be too expensive, my secondary option (blue line) would be University/King (St. Andrew), Bay/King, Yonge/King (King Station), Sherbourne/King and Cherry/Front. It would then go up to Pape, following the same alignment as my preferred option. At Bay/King there would be a connection to Union.
I'd like to see a direct connection to Union from Bay @ King evaluated. Depending on how that would perform, King would become my preferred alignment. But we should also keep in mind that direct connection to GO rail and RER services at Gerrard/Pape and a future connection at Queen/Dufferin or Liberty Village might negate any benefit of a direct connection to Union Station.