I agree that the train would need to be able to do city CBD to city CBD in around 2 hours to be viable, given thats about the time you need to allow for the flight during morning or evening. Train would be great given you could use phone / internet and get up and move around. Something like the French TGV train set up would be ideal, but as others have said it has been talked about alot and seems unlikely for many years to come.
Train or plane it is all about frequency - it is always good to get an earlier flight if you can or get on an alternate quickly if there is a cancellation.
Downside to the train for me would be missing out on logging my flights and the FF points!!!!!
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