It's partly interesting to me because I had already imagined this one on my own, and actually suggested it once at the annual meeting the TTC holds for riders to discuss service improvements. I'm sure I wasn't the first to think of this, however.
Here's the idea:
The advantage? People coming from the far west would not have to ride through congested Queen or King Streets to get downtown. They would have a direct route on a reserved right-of-way, all the way from the west Queensway. (With the new track, the (now 501) Lakeshore route could also be adjusted so that riders coming from anywhere west of Roncesvalles would travel along through Harbourfront, with the same benefit.)
Additionally, this would open up new areas for transit-friendly development. The Star article talks about new construction that will be happening on the old Stelco lands, as an example. Both the Queensway and Lakeshore in Etobicoke are designated "Avenues" in the Official Plan.
City Councillor and Deputy Mayor Joe Pantalone is a backer of the plan which he says would cost $300-million. (I don't know where he got this number. Has there been a TTC assessment?) He says that that's cheap, even though the proposed St. Clair LRT is only about 1/10th that cost.
Ironically, the $300-million is about the same as Pantalone's other pet project, the Front Street Extension. These two seem to serve similar goals, but the LRT seems to be much better value -- so why not cancel Front Street and use that cash to build the Queensway LRT?!?