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Toronto and Montreal are both large and populated cities (Toronto in particular), so traffic conditions can affect the drive time on either end. With optimal traffic, taking the 401, you should be able to make it in six hours without stopping.
Why not do both!? Despite their relatively close proximity, both have quite a different vibe. For starters, Montreal is predominantly French speaking, with a established European feel to the downtown core and all of the cultural compliments that come along with that. Toronto is Canada's largest city and brings with it a big city feel with a large downtown core, and diverse and sprawling neighbourhoods.
The usual pros and cons of driving are all relevant; such as reduced environmental impact and lower cost (especially when using MirrorTrip) which are both in favor of driving. However, the main advantage to flying is normally speed - which in this case I think given the short duration of the trip, it's likely you will spend more time waiting around in airports than you would on the road!