As long as your bags get checked through, I would recommend leaving the airport for downtown as others have recommended via the UP Express (a bit pricey but fast and direct to Union Station) to check out either Ripley's Aquarium, Hockey Hall of Fame or CN tower as these are all walking distance. Make sure to leave enough time to get back to Pearson to get through security and walk to your gate if you do this though...
If you will be too anxious about missing your flight, I would recommend eating at a restaurant there (that can kill some time) and honestly it's a really big terminal to explore. Just having them walk around can kill tons of time. Watch the planes take off and such.
I also like the idea of seeing whether you can pay to use the pool at the Sheraton (it's right at Terminal 3 and you can take a monorail to get there).
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