I think a circle LRT following the Anthony Henday would be a good long term option.
Not a really good idea, at least from a cost-efficiency perspective. They're doing it in Melbourne, if I'm not mistaken, and it will cost tens of billions, with low expected ridership and the project will almost certainly be scrapped and only the current leg will be built.
Considering that Melbourne has 2x Edmonton Metro's population, is denser and the line is an arch, not a full circle, I'd wager that having all of the lines cross/meet the Henday and have express bus services linking them would be cheaper and more viable. Imagine having Lewis Farms, Campbell Rd, Gorman, Heritage Valley and Millwoods (plus a future Energy line stop on the east end) connected by direct, express busses.
We could have this same service from Century Park, Clareview and WEM as well.
We can even think of double-decker like GO uses in the GTA, as these would be strictly suburban lines, with more focus on comfort and capacity than frequency. We could have one "line" going in each direction, headways of 15 minutes (10min and peak hours), with either articulated or double-decker busses. Because the Anthony Henday will, more likely than not, be expanded, if demand is ever there to justify it, we can even make one of the lanes exclusive for busses in peak hours (7 to 9:30 and 3:30 to 7).