I think its more likely that high speed trains will ultimately replace air travel. They are getting faster and faster all the time.

Check out this new train in Japan, does over 300mph!! and is fastest in the world. It uses magnetic levitation to get the train up off the tracks reducing friction.

Elon Musk (Tesla Motors / SpaceX) wants to do the same thing with magnetic levitation but with a twist- encase the railway in a vacuum tube thereby eliminating air friction completely. Called the hyperloop.

Japan approves plans for world's fastest train line ? RT News

http://bits.blogs.nytimes.com/2013/0...h-speed-train/