"I think it was Hume who said, it's not the landmarks that we need help with, it's the stuff in between... the stuff that makes up the fabric of the city."
And some disagree completely with that statement...that's Toronto. It's also impossible to compare Toronto with London or New York in this way because almost everything between their landmarks is also a landmark. Other "world class" cities invariably seem to be revered by locals/nationals a heck of a lot more than Toronto is revered by Torontonians/Canadians.
This whole debate could be put on the backburner for about 5-10 years. By then, we'll have a whole set of refurbished cultural institutions and we'll be (hopefully) working our way towards a better waterfront, meaning we could be approaching the "how to make Toronto world class" problem from an entirely different perspective. These projects may not turn out to be landmarks but mere fabric improvers...if so, our landmark-to-fabric ratio would surely be amongst the highest of any world class wannabe city (edit - except, perhaps, for a few places like Barcelona and Sydney...the CN Tower, Sagrada Familia, and Opera House probably cancel each other out, yet it'll be difficult to become a more viable tourist destination than cities like these solely by accumulating landmarks). I don't think our urban fabric is in bad shape at all, there's just maintainance issues. Why not improve both the urban fabric and our landmark stock so that all tourists and, more importantly, the people who live here, are satisfied?