I like this design as an improvement to King Edward. It gives cycling access not by slowing car/bus traffic in any way, but through the elimination of free on-street parking, which is being replaced by underground parking.
If you look at a bike-route map of the city there is an unusually large gap in E-W bike routes between 10th Ave and 29th Ave. (14th Ave has partially shortened the gap, but only for a few blocks). An actual protected lane on King Ed would help, but it doesn't look like there is a plan to extend it much beyond Heather to Ontario. I would like to see a bike route on 22nd Ave, and the installation of a crossing light at Granville and Balfour (which is continuous with 22nd Ave) is a hint that the city might think so too.
If you click down into the Cambie Corridor Public Realm plan you will see that the plan is to have a complete street implementation (with bike lanes) on Cambie St as well. The problem is that this only extends as far north as King Ed, and in Cambie Village where the actual destinations are there is no planned bike lane, but instead a "Connector Lane" on Tupper St, half block to the West. I think this may have the potential to work quite well, but only if they design it right.
https://vancouver.ca/files/cov/cambi...realm-plan.pdf
The weakness of our current system of having bike travel lanes on quieter, non arterial streets is that if I am shopping in Cambie Village and want to move a few blocks North, I first have to ride 2.5 blocks west to Heather St, go 3 blocks north, then 2.5 blocks back to Cambie. Biking becomes much more efficient for multiple stops on a high street when there is a complete street design.
Perhaps this is why all the studies show that business incomes increase when a shopping street is upgraded to a complete street?