It seems to me that this is geared towards the short European red eye pax - ie. the LHR crowd. For these pax, I think this will be a very good option. Also, interesting that its opening so soon after BA closed their YYZ lounge....
I assume those on same plane, one stop service can't access this though? So flights that go YYZ-YUL-GVA, or YYZ-YVR-SYD are SOL?
I hope they loosen requirements a bit down the line. Maybe something like paid J fares and SE in confirmed J (incl. R and I fares)? In an ideal world though, AC would just create an even higher status in their new program (like a 200K or something) and give them access, kind of like the LH FCT.