Plans for a £130m rail link between Oxford and Milton Keynes via Bicester have been boosted by the findings of a year-long study (link below.)
http://www.rmtbristol.org.uk/2007/03/rail_link_is_a_goer.html#more

It concluded there was enough support for two trains every hour between Oxford and Milton Keynes.

It would form part of a rail route that could ultimately link Swindon , Oxford and the Thames Valley with Cambridge and East Anglia. Wouldnt it be great if we could form part of its future? (link below)
http://www.shinewithstyle.co.uk/literature/melksham%20new%202007%20timetable%20proposals.pdf

Nearly a year on and East-West Rail have published their more in-depth report which takes the project to final stages of GRIP (Guide for Railway Investment Projects) Stage 3.

http://www.eastwestrail.org.uk/reports/documents/GRIP3FinalReport.pdf

The project has moved on considerably and is now based on a 100mph link between Oxford and Bletchley and a 90mph link between Aylesbury and Calvert to provide a 'regional express' service at 2tph and 1tph respectively.

The following extracts indicate that the start of any actual construction work is over two years away, and that constrution would take over three years.

6.38 Currently at a stage comparable to GRIP Stage 3, it is anticipated that the remaining
Design and Mobilisation Phase of the EWR Scheme will take further 26 months. This
will include completion of GRIP 4 and 5 (single option development and detailed
design), and makes an allowance for the procurement negotiations required before a
Contractor is appointed to undertake construction phase of the project. It is during this
phase that necessary possessions and blockades will need to be booked with Network
Rail.

6.39 The construction period alone is estimated to be a period of 43 months. Further
refinement of the programme will be required as more detailed design is undertaken
and it is believe the construction period could be reduced to closer to 30 months.
Driven by the need to lay the track, it has been assumed that most civil engineering
works, signalling, crossings and drainage etc can be progressed concurrently with the
track laying.

I have watched this project for many years, and although we're still a long way from the first train running, this document seems well-reasoned, acheiveable, and just goes to show the work (and money) that has to be spent on getting a relatively modest scheme such as this off the ground.

With Ruth Kelly under increasing pressure to increase rail capacity, or at least be seen to be doing so, this is just the sort of scheme that will get her department lots of prositive coverage, so I'm keeping my fingers crossed!

Sorry, Lee - I was on holiday last week and missed your post breaking this news. You've beaten me to it again...