Kurt, I shipped my moto from New York to Southampton, England this spring on the QE II. The cost was pretty reasonable - I found a cheap fare for my own transport on the QE II (about CAD 1,000 for me) and Cunard charged an additional CAD 1,600 to transport the motorcycle.
I really wanted to experience the trip on the QE II, which was why I chose to ship the bike that way. It was very trouble-free - I just rode the bike onto the ship in New York, and rode off in England. However, be aware that you need to dress formally (tuxedo) for dinner on the ship, which means buying and packing the clothes, shoes, etc.
Shipping the bike and yourself by air is cheaper and faster, unless, of course, you really want to try out the QE II as a passenger. It was an enjoyable trip, I liked it, but I don't think I would do it a second time.
FYI I live in Toronto also, and arranged all my travel through an agent in the Willowdale area.