DarrkPhoenix: Are you by chance a fellow California resident? Or is another state planning a rail system as well? I'd really like to see more high speed rail systems set up around the US, but between all the NIMBY folks, the current budget problems, and the seeming aversion to any kind of public transport in the country I don't hold much hope of such systems being built anytime soon.
I am not. A good friend who is very into politics has been keeping me up on this, but the current administration has shown interest in a national rail. In fact, the feds are providing stimulus and grant money to help with the Huge investment costs. Its a multi-phase project. Money would flow to cities to help update/start local commuter rail. Money would flow to states to link the local systems together with "high speed" rail to create local and regional hubs which would finally be linked by high-speed national rail.
Of course, this is still in the planning stages and subject to oversight and approval. I've read the proposal documents for my state and they concluded it would be profitable, but the deterrent is the massive start up cost to involved in building/retrofitting, etc.