I too would like to see the M-Line extended all the way to UBC. However, I'm also a pragmatist. Let's face it, the more fantastic (as in fantasy) the project, the harder it will be to come up with the $$, and the longer it will be before anything is done.
Are we really content to say "UBC or bust" knowing that the politics and finances might favour the "bust" option?
I think we realistically have to think about the project being planned all the way to UBC and implemented in at least two phases. The question is, how far do we have to go to make sure the first phase makes sense on its own merits (ie, that we aren't building a "stub to nowhere" a la VCC that waits for some magical future improvement)?
As I've posted previously, the logical Phase 1 termination for me is Arbutus.
1. Integrates with the C-Line (an absolute must)
2. serves the central broadway area
3. keeps B-Lines away from the gauntlet of stoplights through the Central Broadway section
4. Is roughly halfway to the end of the municipally-funded section (assuming Blanca)
So as we're all realists here (we are, aren't we?

) perhaps we should all be saying "Plan to UBC regardless. Build to UBC if we can, but at least build RRT to Arbutus as Phase 1."
Just my thoughts.