It sounds like a great system for the pedestrian. If you go to Toronto and watch any busy intersection you will soon realize that the colour of the traffic light makes no difference as to when someone will attempt to cross the road.
One of the numskull reasons that is given for the scramble, by committee chairman Glenn De Baeremaeker, is that the proposal would also help drivers, by getting more cars off the roads. He doesn't explain why, but I assume if you bog traffic down more that it is now people will abandon their cars.
Has someone not noticed that public transit also has to use the road ways? What every happen to traffic light priority for transit? Wake up Toronto. You are in this mess because of your hatred of the automobile and your failure to build mass transit systems across the city. When you increase the dwell time of a bus or streetcar you only increase the cost of transit. Don't fix it unless it is broken. The only thing wrong with the present system is the lack of enforcement by the police against people that cross on red lights.