Wow, there are some fantastic posts here! I particularly enjoyed SFU's.
Despite my railing against the viaducts, car culture, etc., I have to admit that we are still faced with the same difficulty confronting planners in the 1970s - that it is not feasible to reduce road capacity (thereby making space for valuable land development) without a more comprehensive transit network. That is, if the viaducts ever do come down, I imagine it won't be until well after there is a Hastings corridor subway, and a significant shift in transit mode share. By the time this happens, I will most likely be living elsewhere, and the viaducts will be near the end of their lifespan anyways, which might make an economic argument for their removal more compelling.
Hopefully, whether this happens in the end or not, we can put what we have to much better use, a la MetroOne's earlier pictures from Japan. I have to say, however, that I find the roads-through-buildings idea pretty aesthetically repulsive (I know not everyone feels this way), though they're certainly intriguing from an engineering perspective. When I think of something like this being built beside the NEFC waterfront, the following picture comes to mind:
http://en.wikipedia.org/wiki/File:Fdrgoesunder.JPG