I drove through Parliament/Rae intersection today and they are pretty much ready to go. It's not as bad as I expected.
Here is a map of what I remember seeing (I didn't catch the painted arrows on two of the turning lanes):
So there's a few things:
1) There is no longer any parking allowed on the west side of Rae for 1 block. This is fantastic as it looks like both lanes going east and west will be allowed to drive straight through (though it then goes down to 1 lane on the west side one block away).
2) They are not allowing through-traffic (it appears) on Rae in the turning lanes, but are allowing it on Parliament.
3) All of the lights are vertical with turn signals. This makes me think that at rush hour they are going to alternate between all 4 directions, one at a time. As long as it's a fairly quick rotation I think it could work well. If they are not alternating then it is actually going to be worse than it is now (since people waiting to turn left will hold up everyone wanting to go straight north or south).
So overall (assuming they rotate 4 different directions rather than 2 at a time) it will work well. I am very happy about not allowing any parking on the west side of Parliament for 1 block. I also hope they enforce this on Rae on both the north and south sides.