It will be even better when the thing is built!
However it still leaves the attrocious path(!) built in front of WTC Wharf, the brown line in this picture.
This looks as though it has been designed and built with the intention of not conforming with the City of Melbourne Bicycle Plan and the VicRoads bicycle path guidelines and including as many hazards as possible.
When I tried to take this up with the City of Melbourne and the Department of Planning and Community early in 2010 I got nowhere.
In response to your message below I have spoken to Paula Kilpatrick, Team Leader Landscape Architecture | City Design, City of Melbourne and I offer the following
1. The promenade is designed with a pedestrian path on pontoons close to water, a shared recreational path adjacent then the higher level café promenade for pedestrians only.
2. Fast commuters will choose to use Siddeley St. (and eventually a tunnel under Charles Grimes Bridge to Docklands)
3. The ramp down is for pedestrians only.
4. There have been incorrect expectations that cyclists will use the pedestrian floating pontoon path.
5. Aim is to have the central shared path route marked as a continuous route.
6. Connection back to Spencer St yet to be designed and constructed.
I hope this goes at least partway to answering your questions.
There is a credibilty gap here. Either there is a shared path in front of WTC Wharf as shown in the latest BNV news or there is not and the City of Melbourne don't know what they are doing.