That's true, but a lot of people in the core of Montreal also speak fluent English and there doesn't seem to be much attitude towards English speaking people (in that area)
I'm a Bill 101 refugee (yes I'm old!) but I really loved living in Montreal. Other than the language issues (and you're probably correct in downplaying them) it's a great city. And (other than the language issues) a great place for startups.
And hey, French isn't too hard to learn :)