My small city did the same thing a few years back -- converting four lanes into two lanes plus a center lane, plus some generously wide shoulders that are great for cycling. There are a surprising number of people who dislike the change and want to blast through town in four lanes instead. I would bet there are four feet at least in the paved shoulder, and at that point I really don't care whether cars veer over to give me three.
The three-lane approach is good for pedestrians too. It keeps the traffic further from the sidewalks. With four lanes you had school kids sometimes right up against the traffic lanes--because near the school there is no outlawn, and the sidewalk extends right up to the curb. The same is true elsewhere downtown -- sidewalk against the curb. I've been super happy with the three-lane approach. It makes the downtown area calmer and more pleasant to spend time in.