Jeff Turretine says that the Pointy Abandoned Object State could zip past the Leaden State (California, y'all) on high speed rail. A Texas consortium is organized to back HSR to connect the Texas Triangle.
I've long said that Dallas/Fort Worth, Houston, and San Antonio/Austin are perfectly situated for HSR. There's cities of big enough size to justify it, cities that are connected to each other for business reasons (or politics, with Austin), and just the right distance apart that HSR can easily compete with planes, especially with airport parking and boarding times, etc., on travel time.
The Texas group is also pitching this as a totally private issue, no "gummint" involved.
Flip side? Beyond the eminent domain Perry mentions (he'll have an update tonight or tomorrow) as part of his take, along with the conservative politics of the no "gummint," will be related issues. Among them, I'm sure, will be attempts to railroad through (I see what I did there) all the environmental parts of the permitting process. We've already seen that if it's oil vs. lizards, or water vs. cranes, we know who wins, damn the paperwork and damn the feds who are part of that "gummint."
Anyway, since the biggest push right now is coming from H-town, go back to Perry's website and look for updates. Or click this link; it's a fairly detailed update from him, linked to one from another Houston blogger.