Yes, I have taken the PCAT. The June one this year. And I know for a fact that high school isn't enough to get you through the PCAT.
And yes, you will definitely need more than BIO150 for the PCAT, as ecology is partly what's covered in the PCAT but nowhere near fully covered. Anatomy, physiology, microbiology, and cell biology are not even touched upon in BIO150. If you think high school materials is enough to get you by the PCAT, there's no way - you'd get killed in biology, chemistry (high school does NOT have a sufficient coverage in organic chemistry, though you may get by on the general chem - PCAT is about 50/50 organic/general, slightly more general), and some of the quantitative questions which involves the use of calculus.
You probably won't need BIO240/BIO241 for the PCAT because I think a study guide can get you through the cell biology stuff and cell bio is nowhere near as advanced as the second-year BIO course on the PCAT. But to learn anatomy, physiology, etc from scratch just from a PCAT study book is kind of tough IMO.
It even says on the U of T Pharmacy website that they recommend higher-level courses in order to have the knowledge for the PCAT. Read here:
http://www.pharmacy.utoronto.ca/undergrad/admis/sec7.jsp#20
And just so you're aware, U of T Pharmacy is comtemplating changing the admission requirements for 2010 such as you need at least 2 years of university before you can get in (additional courses they're thinking about: CHM220, CHM247, and STA220 on top of all the requirements they already want so that makes applying for pharmacy straight from first year impossible).
By the way, for each admission year, U of T also accepts the October and January PCATs. So if you're applying for the 2009 cycle, any results since 2007 (I think) to January 2009 are completely valid. So you're incorrect in saying that you have to take it in the fall.