The issue I have with TC is that it addressed local transit. But most people who take the bus for local transit needs in the suburbs can attest that the buses work quite well and the benefits of LRT over a bus is greatly diminished by the length of the trip. The issue is, and always has been, providing faster transit to the core for the longer trips. TC was not going to provide the substantial increases in travel times from the suburbs IMO. I know I would rather have fewer LRT lines in exchanged for a few more subway nodes that were spread around so that my bus trip to the subway system is shorter. As it stands, the TC plan was a plan to improve the efficiency and capacity of the busiest bus routes, but it did not improve the biggest factor that matters to myself and a lot of other suburban residents, which is substantial time savings.
This isn't to say one point of view is dumb and another is better, but in my experience, it's not so much the level of service that the buses provide that is the issue, it's the distance to the nearest subway stop. I have my doubts that the majority of the TC LRT lines wouldn't just become more expensive lines who's passengers are really still trying to get to the Subway system. I'm skeptical that TC would have really created viable alternatives for these long distance trips, which is where I think there's a disconnect between some people.
It's not a matter of wanting "subways, subways, subways". In my opinion, and I'm sure there are others who share the same, TC was a plan that gave money to everyone but didn't really improve the key trips that people wanted improved. Especially from a suburban mindset, if I live in North York or Scarborough, I can just drive around to most places I want to go to within my suburbs, or take a bus which isn't that bad. But it's the long distance trips to the core where a lot of people need better travel times because there really aren't faster alternatives than the subway, and even with the LRTs people would still be getting on the subway. If you give them a real alternative you'd see how quickly things would change. I would personally rather see LRT money in the suburbs go towards better GO station integration, better GO frequencies so that one could take a bus to their nearest GO station for a quick trip downtown or midtown.
TC was a political plan that didn't actually look at the travel patterns in the city, but rather, simply provided "improved transit" to everyone in the city. There's no doubt that it would have been good for the city, but I would be very skeptical to believe that it would have relieved any of the current pain points and issues the transit system faces.