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First of all.. the toronto network now has 1.5 million people.
However... since everyone in the surrounding toronto area would likely select "toronto" as their network... it's more likely a representation of the Greater Toronto Area, which has a population of 5 million.
I think that perhaps the reasons that London and Toronto are so huge is that people around both countries are likely to select that network.
If anybody in Canada plans to work in the financial heart of the country, it's a good idea to select Toronto as the network. Also, most people in Canada know lots of people there.
So maybe the big fact isn't that toronto's the largest network... but instead that Canadians like to pretend they're from Toronto?
I also wonder if this recent rash of negative facebook coverage will allow other niche social networks to grow more rapidly. For instance, Mahalo is about to launch a new twitter-delicious-mahalo mashup (although its just social bookmarking favorites--its not really delicious from what I saw). Hence, will it get more coverage now?
Jason is giving out beta-invites if you ask him via email
I think its jason@mahalo.com. His twitter account has the specifics.