I think 2014 is the time line for it to be rolled out system-wide, and something like 2012 for LRT and BRT. Live location updating will be part of the new "smart" fare collection system because every vehicle on the system will need to be in constant communication with the central fare system.
It's interesting that earlier in this thread (I believe it was in this thread), there was a lot of talk about the fact that Toronto has found a good balance between heavy rail subway and light rail street cars and other surface transit systems because Toronto's new mayor wants to get rid of all surface transit and move everything underground.
He has recently declared the "war on the car" to be over. However, the provincial government is pushing back because money has already been allocated and construction has begun on new LRT lines in the GTA.
http://www.thestar.com/news/transpor...it-underground
http://www.thestar.com/news/transpor...ord-on-transit
I'm really glad we didn't elect a guy like Ford to be our mayor (although, I don't think any of our candidates were anything like him).