I just can't see it being feasible, and like said above - it makes cycling way less accessible.
It'd be good to see some enforcement and education on both sides, apparently there's now a blitz going on with cyclists (I was already flagged down and given a safety brochure yesterday at Broadview/Danforth) and they're cracking down on all kinds of cycling infractions, apparently (I think it was The Sun I read it in. Licensing just doesn't seem a good idea, impractical and given cars and cabs are licensed, and their enforcement seems meagre at best when it comes to the cycle/car interaction issues really - so what difference would it make, I wonder.