I think it sounds great in theory, but there's a few issues I have with it.
A) There are many other projects that are way more important than this, like the airport rail, for instance. B) The project (or at least stage 1) mainly benefits all the rich people out east who already have exceptionally good public transport, yet again leaving all us in the West screwed over with pathetic public transport. C) Stage 1 seems to be the best thought out and most likely to happen. The rest of it feels like it was tacked on just to try and make people in the West a bit happier about it