Well... From what I've experienced of TO's transit system...
The subway does go a fair distance but it's limited in the area it covers. There's this tight U shaped bit that goes (North-South) from North York to downtown at the central train station (Union) [That's the train station in X-Men by the way. :P]
Then there is the East-West line crosses downtown. It goes from Scarborough to... umm, I don't know to be honest. :P Scarbourough is serviced by some sort of light-rail service form that point.
The downtown has busses and street cars. For the areas that the TTC services there basically are numerous busses. The main busses run very frequently and usually run in this cross-cross pattern.
The one thing I don't get is that generally unless you're at a large station, the bus routes aren't indicated on the bus stops. They just have a poll there and you're supposed to know which bus stops there. :P (TTC website:
http://www.toronto.ca/ttc/index.htm ).
Anyway, for people travelling further then the TTC. There are the GO Trains and GO Busses. The GO trains span futher out East-west of the TTC and pull into the Union train station. The GO Busses are a little like Greyhound busses. Both are a little more expensive. GO Transit:
http://www.gotransit.com/publicroot/default.htm
And... the airport has lousy transit service. You either have to drive there, take a cab, or wait an hour for a bus that takes forever to get there. (There are also GO Busses that go from certain points to the airport which is a slightly better.

)
As for stuff to do, depends on what you'd like? There are a bunch of touristy things... There's the Metro Toronto Zoo, CN tower, Ontario Place, Wonderland, Science Center, Medieval Times, shopping, "theater" (aka Broadway productions), etc. You can always check out to see if there's anytihng happening when you'll be there:
http://www.toronto.com/ .
Hope this helps?
The climat in Toronto isn't too bad, it's a bit warmer then where I live in the winter as it's close to Lake Ontario (and a little further south). Umm... Just make sure you have pants and a windbreaker for September? Toronto doesn't get that much snow, and that won't happen until January and maybe the end of December.
