that said...
the toronto transit system is not a municipal system at this point, it is a component of a large, regional system that spans a number of municipalities, as well as a collection of rural regions. this is a system that already extends deep into ontario in every direction and could very well find itself overseeing electric rail connections to detroit, to sudbury and to montreal within the next few decades.
i would support the integration of the ttc with the go trains under the model of a kind of crown corporation. the reality of regional transit means the surrounding cities need a say, too - not just the toronto city council. but, i'd like to see the operating decisions made at the municipal level.
one possibility would be a board that has x number of members from the different cities, perhaps even chosen directly. so, toronto may get 60% of the seats or something, but cities like hamilton and kitchener would get some seats, too.
a pure upload is dangerous, as it is giving the government a valuable asset to sell for a song to it's buddies. but, it's probably not the right idea, anyways.