I think the answer would be a very firm "NO". Though the pond (actually called Peter Street Basin) is currently not very pleasant it could be much improved, and not by filling it in.
-I don't think this pond needs to be a waterfront feature at all, and it would be best to sell it off for in-fill development as I suggested. The city could make some needed money, and get a much better development there scaled to the street with retail and restaurants right off of QQ. This Peter Street Basin clearly did not work out as intended, so why not reconsider the basic idea of such a basin on the north side of QQ? It was conceived in an era long before H20 Park existed across the street. Where will the money come from to improve the current pond in the absence of new condo and commercial development on site?
You're talking about the Peter Street Basin/"pond" as if it were built specifically when the apartments around it went it. It wasn't built for these buildings, the basin was bridged by Queen's Quay, creating a bit of a cove at the end. It's a piece of the lake.
I agree it's dreary, I'm not sure that filling it in and plunking down another tower in the middle is the answer though. Anything connected to infill will cost plenty, and not just for the physical changes but for the lawyers and planners, environmental studies, etc. Why not get a marina in there for small boats (that can get under the bridge), and get the walkways around it landscaped?
It badly needs something.