Do you mean the finished product isn't ambitious or the timetable / construction details are lacking? If the latter - I don't know but it seemed all last year the bike paths were just forgotten so glad to see acknowledgement. I recall the Garry st water work was done as mentioned in 2017 so seemingly they are on schedule.
As for current project - its a start and I think the bike paths on Sherbrook are pretty great. Still wish they would do 1-way bike paths on Garry AND Fort instead of the 2-way bike path on the 1-way Garry street but I guess for sake of minimal disruption I'm thinking they went with this. I'm hopeful that in a few years they will do the Northbound 1-way on Fort.
We need more absolutely but this will be a major artery - if they make Graham or St.Mary the East-West bike corridor ("the portage ave of bikes") and Garry the North-South corridor ("the main street of bikes") then they only need one more or two to the North (from plan looks like maybe Notre Dame but not sure) and one more to the West (Memorial/Colony seem easy options here) to have something resembling a connected grid that serves MOST of the core area. (Assiniboine kind of the "Broadway" of bikes for the south)
Nice thing about this route is since it terminates in the south at Assiniboine it will automatically access the new bridge via that bike lane. Will be possible to bike from Exchange to Osborne almost entirely protected.
I'm not aware of full plan at all for St. Matthews but thinking about it now it does make a lot of sense if they can run the bike lanes all the way down to where St. Matthews terminates at Maryland. By the time you're at Maryland you're minutes (seconds by bike) from UW and UW will be a major connection point for this infrastructure - so its close enough to downtown to make sense.
Looking at the map its a very easy connection to Sherbrook, UW and from there
relatively close to some of the other downtown bike infrastructure.
I despise the 'construction pole' bike Paths on St Matthews around St.James (Winnipeg half-assedness at its finest) but if its temporary until they can make real bike lanes then i'll take it for now. I'm not hugely familiar with bike infrastructure in other major cities so its possible too I'm just being greedy by wanting everything to be nice bikelanes like we see on Sherbrook and Assiniboine lol.