I think the TTC has really dropped the ball on considering all options. In fact, they go out of their way NOT to consider all options (especially looking at some recent EAs).
The TTC itself is to blame for not building more subways, by insisting any subway anywhere must always have gigantic stations and underground 100% of the time with no eye to cost-cutting by elevating or running at-grade where appropriate. Both Bloor-Danforth and Yonge-University-Spadina have at-grade or elevated sections. Yet as many have pointed out, we have the subway running to Vaughan Centre completely underground. How insane is that? At the very least they could have trenched it and buried it when the need was there.
I see no reason our HRT must be buried all the time, especially on the fringes. HRT CAN and HAS been run that way even here yet the possibility is dismissed out of hand, and that's why we're paying $300 million/km of subway these days.
On the flip side, the idea of running our LRTs in the median is slightly ridiculous when you have a perfectly good ROW right beside the street. Having an LRT stop at traffic lights won't result in significant speed increases over buses, so what is the point?
To be fair, the Eglinton LRT is well-designed from the underground perspective and from the stop spacing perspective, but I feel much more could be done to make the at-grade portions faster.