In this 5 year old document here at www.mta.net/projects_plans/sanfernando_valley_ns/images/Figure%206-2.pdf, I have seen two projects that came into fruition, the removal of the island median on the west part of Van Nuys at Woodman and the widening of the bridge over the Pacoima Wash between Woodman and Arleta on Van Nuys. Does this mean a San Fernando N-S busway is coming soon? Widening the bridge doesn't have any added benefits to traffic as the same amount of lanes were there even with a narrow bridge; just that there was no center median lane and street parking. If the bridge was to be widened, it has to be for a purpose, and that is, a future bus only lane.
I have seen how well a psuedo bus only lane works on northbound Van Nuys Boulevard north of the Metrolink station around The Plant shopping plaza, where there is a long stretch of right turn only lanes that the buses uses to pass the gridlock south of Roscoe. That lane is an added lane to Van Nuys Boulevard when The Plant was constructed 8 years ago after the old GM plant was torn down. That lane disappears after the plaza and the buses gets bogged down in regular traffic after that.
I think they should put some sort of Bus. on the 405fwy from San Fernando to Sherman Oaks. As for Van Nuys Blvd. I think they could put a Light Rail line down the middle using something like what they have in Portland and in Seattle.
That link above is from 2002 and it's determined that the N-S busway be the Canoga Corridor. Also, there are plans to split Metro Rapid 761 with the rapid staying in the San Fernando Valley, and an express line to UCLA, and a circulator from UCLA to Getty Center. There are plans to put a peak hour bus only lane going north on Sepulveda, on Lankershim, and on Van Nuys around Auto Row, but not Van Nuys all the way. However, Metro is considering speed improvments for the N-S corridors with Rapids on them.