Toronto is trying to get Bixi bikes for the public to use. Don't know what a Bixi bike is? They have them in Montreal and other major cities. You can use any of their bikes from their stations for a small fee (and you need to be a subscriber so you have an electronic key to unlock the bikes). Ride it around and drop it off at any station you want. It is a cheap and easy way to get around the city. It is a huge success in Montreal and would be perfect for Toronto. The thing is they need to have 1,000 subscribers in order to get the system to come to Toronto.
Bring Bixi to Toronto! Go here to sign up to be a Bixi user.