I love this airport.
Right downtown = convenient, easy access for transit & great views of the city when you take off and land. The 509 streetcar drops you off at Queens Quay & Bathurst, just a 2minute walk down to the ferry terminal. Or you can catch the complimentary shuttle on York Street just north of Front at the Royal York. Also great because there is a 24hr Tim Hortons right there for you to grab something.
Okay.... everyone hates on the silly 200m ferry ride across the channel to the Island. But come on people... if you park at Pearson you are walking for 10minutes anyways or waiting for that monorail 'Link Train'. What's the diff?! You save an hour drive to the airport and take a 3min ferry. Big deal. Just make sure you get there on time! The ferry runs every 15mins and only takes 4-5mins to get you off at the other side. And the Ferry staff are always smiling and cheerful :)
Another plus is the free wifi when you are in the airport. Reception is best when you are down in one of the lounges. Yay!
Downside... no newsstands or little shops just yet. But they are workin' on it.