Mid seal - agree - except tht from May to Oct you can't get a seat from Canada to Europe and if you can it is expensive. With some low cost moving into that market it may not be viable now.
I have no idea if the market is there (thats what they pay the strategy guys for) but withno need for transit pax to clear customs in Toronto and a large growth of American not wanting to travel on US airlines Toronto is a great market. But I agree - if you can put together a good alliance then have a strong network in Europe, ME, Asia and Africa - with 50 or so aircraft - and with a well run company (sic) you could survive.