This park is a fantastic idea! The picture leaves out some detail though.
I believe they mentioned a splash pad & sports fields. The city seems to love converting landfills to sports parks: Kay Drage (old West-End Dump), Heritage Green Sports Ctr (Mud/1st Rd E) and now Rennie Drump. Great stuff! The more greenspace the better!
This will be a great connection to the Lakefront Trail, and a great boost to the East End's image (and property values). Way to go, East-End (& Merulla, I guess)!
edit: imo, the park should include: a splash pad, soccer fields, outdoor hockey rink (w/ the ability to add ice in the winter... Toronto has tons of these and they're great), a jungle gym AND a skate park (not like the Parkdale one, that one's cheap... but a full-fledged skatepark like Grimsby's).