With the $8 billion marked for SmartTrack, ~$4B marked for the Scarborough Subway... we could have probably built the Sheppard extension, DRL, refurbished SRT, and possibly even have Eglinton East elevated.
If council had agreed to go with the Ford/McGuity plan, we'd probably be onto funding the DRL right now since it would've been a less touchy issue with the LRTs off the tables and Sheppard subway funded. Everyone downtown/in Scarborough would have been happy.
Now we get some weird hybrid compromise plan... with LRT, RER, and a replacement subway.