Apropos of the aesthetics/utility debate, how we've spent transit $$ over 20 years:
SAS Phase 1 (3 stops) - $4.5B
7 Extension (1 stop) - $2.5B
Fulton St. Transit Center - $1.4B
Calatrava Thing - $4B
South Ferry - $530M
Moynihan - $1.6B
East Side Access - $11B (and counting)
You can have nice things that are also useful, but it's hard to look at this list and say we've struck the right balance or even gotten anything approaching the right bang for our buck.
Other potential projects in the works include:

PABT Bus Terminal Replacement ($7.5-$10B)
LGA AirTrain ($2B+)
PATH to EWR ($2B)
EWR AirTrain Replacement ($2B)
Penn Station Access ($1B)
SAS Phase 2 ($6B)
The Second Ave. Subway is nice and very useful but very expensive. Otherwise, two of the more useful projects - South Ferry and Penn Station Access - are among the cheapest. And South Ferry is a pretty nice station too. We can have useful and nice things!
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