I am all for the bike share - I think it will be a success. Our geography is perfect for it, and we'd have to royally screw it up in order for it to not attract riders. I think it will introduce new riders to the idea of using a bike as transportation instead of just recreation. It will also make us look a little more progressive and less backward. It might entice some mac and mohawk grads to stick around. It might convince some of their friends to move here. It's a perfect example of a relatively low cost investment that could pay off very big in the long run.
The presence of new riders on the streets will put pressure on the city to speed up the infrastructure improvements. We can't treat this stuff as chicken/egg. Do we wait to implement a bike share until after all the bike lanes are done? Doing as much as we can in parallel is the way to create a positive feedback loop.
The key here will be the placement of the stations. If the city doesn't screw it up, it will take the usage pattern data from the bikeshare system and use it to guide its bike route plan.
Cyclists have a way of finding the path of least resistance. The city's mandate should be to improve the routes that the cyclists already prefer, not to dictate routes from the perspective of a desk jockey. A bike share is the perfect tool to gather this data as the start and end point of every ride is logged.
A great example is the bike lane on lawrence road. It's a busy road (and crappy bike lane), but it runs parallel to gage park and a quiet residential street network. If the city put a straight paved lane through gage park for bikes, and removed a few stop signs in the neighbourhood to the east, a natural bike route would be created instead of trying to force traffic and bikes to "get along" on a car-centric street. Anyways, I digress