Love this bike share! First of all, I'm lucky to live in a city that has a bike share program. Some cities only offer the service to residents who pay annual fees, but the programs available for all are really wonderful. Toronto's was no exception.
For $7CAD (about $5.30USD) you have access to bikes for 30 minutes at a time for 24 hours. There are TONS of stations all over the city so you shouldn't have a hard time finding a bike and a place to put it back. We had a station about an eight minute walk from our Airbnb and then stations all over near places we were going (like the Royal Ontario Museum, Chinatown, etc.).
You can also download the Toronto Transit App and see all bike stations (including how many bikes/empty spaces are available) and train and bus schedules. You can also rent a bike (or a few for you and friends) through the app, which was my favorite feature! You rent the bikes and then tell the app that you're ready to check one out and it gives you your codes.
Toronto has pretty good bike lanes on major streets all over the city (not just close to downtown), which is more than Chicago can say. I felt very safe riding these bikes and you don't need a helmet, which is convenient if you're an out-of-towner and don't carry one with you on vacation.
All of the bikes we saw were in good condition, tires were full, and the seats were easy to move up and down. I will absolutely use Toronto Bike Share again the next time I visit. It was easy and super convenient, plus you get some good exercise.