Jade Raymond, producer at Ubisoft, has told Gamasutra that Ubisoft Toronto is growing nicely, that more or less the entire team that worked on Splinter Cell: Conviction has been moved over to the studio and that it a big part of that game was actually developed there in the first place.
She also revealed that Ubisoft Toronto is hard at work with a new Splinter Cell-game. Hopefully that means that we won't have to wait as long this time around as we did with Splinter Cell: Conviction.