Three guesses which side I'm inclined to support (after very little investigation or research so far:
Citizens to Save the Waterfront
More on this later, I'm sure. Probably here and over at Metroblogging San Francisco. The SF Democratic Party and Pier 39 are among those opposing the project. Pier 39? Gee, wonder what they're worried about. New stores selling cheaper snowglobes and "Alcatraz Psychiatric Ward" t-shirts? And speaking of stores - the no-new-pier-development scary flyer says the mega-mall plan would include 45 - 45! - chain stores. Pier 39 has 110 stores according to its website. Snowglobes over the Gap, though, right?
There's still that unfortunate Gap at the corner of Haight and Ashbury, though - which pretty much explains San Francisco as a concept - but nevermind.