From a selfish perspective, I wish I still lived in Etobicoke vs. Toronto.. Here's why:
In the late 80s/early 90s as the old city of Etobicoke planned the Humber Bay Shores area, they had the right idea. Transit first, thoughtful, high quality public spaces, and strict caps on development. That beginning period produced some great buildings such as Marina del Rey and Grand Harbour - both with high quality public spaces by the lake. In tandem, Etobicoke had earmarked funding for the Legion Rd S extension to be completed by 1998 (here we are still waiting...)
Not only that, the idea was to make the area an entertainment/shopping district, with pleasure piers and this and that. With the loss of leadership from Etobicoke, all these initiatives went into the backburner in an amalgamated Toronto and lost priority. The city decided quick development was a bigger cash cow and here we are - we are the #1 clusterfunk of Toronto. Rampant overdevelopment's posterboy.
I don't see any advantages of living in 'Toronto', and would fully support de-amalgamation if proposed.