We are not the only ones taking a second look at High Speed Rail. Here is an abstract of two studies done in Japan:
"A serious interest in high speed train has been increasing all over the world. However, recent experiences in Asian countries show that high speed rail projects are not financially viable even in areas seemingly favorable to rail operations. Considering the existing intensive highway and airline network, putting public subsidies to high speed rail projects are barely justifiable from a purely economic point of view.
"What is required of any government which contemplates high speed rail construction as a policy option is to show taxpayers the cost/revenues difference between constructing a high speed rail line and expanding a capacity of other means, before crossing the Rubicon."
Sources are both of East Japan Railway Company: Mariko Utsunomiya - utsunomiya@jreast.co.jp, and Kenichi Hodota-hodota@jreast.co.jp.