In my ideal world, parking would be removed, full cycletrack would be place in and two-way street would be maintained. But I think this is a good compromise to get some serious bicycle infrastructure on a critical link.
However, IMO it was kind of ridiculous that a compromise was needed. I am referring to that 2nd Street was not considered wide enough for Calgary Transit buses under a two-way configuration with protected lanes on each side. Lanes would be "sub-standard" therefore Transit wouldn't support it (Standard does not equal reality, as buses could fit, just tighter config than freeway width lanes). So, they removed the protection, plan became bike lanes only which wasn't ideal, just to save the space for the barriers to meet the standards. Of course, whether or not Calgary Transit has a route on 2nd Street existing or planned wasn't important (they don't have one existing or planned).
But a 100% AAA protected two-way is a great win as we have a protected route river-to-river - even if it's not a straight line. What I would love to see is 5th Street converted to a one-way southbound to compensate, removing the northbound lane for a two-way cycletrack to seamlessly plug Elbow pathway to 5th and 17th cycletrack. 5th and 2nd both don't need more than 1 lane.
Ironically if that came to be, both 5th and 2nd Streets would be back to their configuration from a few decades ago where they were both one-ways. The difference being the one-ways are supporting serious active modes transportation infrastructure rather than deliberately ignoring it.