Doing this really fast since I'm working outside and almost out of power, but wanted to get this out today.
5:45 Update: I got suckered, folks. I wanted to believe this was different, but after re-reading the Chronicle and Statesman coverage, it's clear that this is nothing more than Capital Metro's circulator route with the spur to the Triangle built in the first phase - meaning it doesn't go down Guadalupe where all the people are and where they all work, it doesn't go by West Campus, where all of the future non-downtown density is apparently headed, and it doesn't go by Hyde Park or North University, where all the people who wanted rail in the first place actually are. Instead, it runs through the part of east Austin already 'served' by commuter rail and which is violently opposed to more density - and to Mueller, whose modest density is already assured, with or without streetcar, and "to the Triangle", although anybody who would take this from the Triangle to downtown is a certifiable moron, since it would be several miles out of their way through Mueller and East Austin rather than straight down Guadalupe. Fuck. See, shilli? Even M1EK can be naively optimistic.
4:45 Update: God, I hope I'm wrong, but after reading some additional laughably wrong coverage ("commuter rail election" from fox7, for instance), I'm getting the feeling that the route "to the Triangle" might actually just be completing the upper part of the question-mark from the circulator study's route, meaning it would run out to Mueller, then up to 51st, then back across I-35 to the Triangle that way, meaning we miss the best part of UT, West Campus, Hyde Park, etc. If that's the case, ignore everything good I wrote below and go back to the "oh, my god, this will suck goat ass" position.
Now, back to the original 4:15 reaction:
First, thank god he's finally doing SOMETHING. It would have helped more if he had done it in 2004, of course.
Second, there's more questions than answers here, and very little I can say definitively. Neither Wynn nor McCracken or their aides e-mailed me back (in McCracken's case, I didn't expect anything since he was reportedly pissed at my past interference with one of his attempts at pandering, and Wynn's might just be too busy or might likewise hate me, but it's hard to wait any longer).
Third, the emphasis on "doing it ourselves, since Capital Metro wants to let Mike Krusee screw us" SURE SOUNDS FAMILIAR, IF ONLY FOUR YEARS TOO LATE. Still, better late than never.
I will try to follow up on some new terms and questions in this post tomorrow, such as "Rapid Streetcar" and exploring the 2000 LRT route to the airport.

Coverage round-up:
- Austinist (mostly good)
- Austin Chronicle (not much here due to their publishing schedule)
- Statesman - the most stuff, but come on, guys, I don't want to hear from Daugherty. Also, guys, it's not going to be DMUs from the commuter rail line, they can't turn corners tightly enough to be used in-town.
- News 8 Austin - as I exclaimed to DSK, I don't know whether to applaud or boo the language involving light rail and resurrection. But they did mention that this is completely separate from commuter rail - far more accurate than I expect from these guys. Dammit, if I had any confidence in their description of this as basically "let's do 2000 now", I'd be tapdancing all over the backyard right now (from where I'm composing this). Look at the 2000 picture they dug out of the archives, which would be running by now if Mike Krusee hadn't kicked Austin in the balls, although probably down the middle of Guadalupe rather than on the edge as this early mockup showed.
What do we know so far? Very little. Some kind of rail being proposed for generally the part of town that needs it (nobody wants to be on Airport Boulevard). Connecting to, but not running on, commuter rail. Some indications that McCracken and Wynn are thinking about some reserved guideway rather than just going along with the magical streetcar fairydust approach that thinks running in shared traffic doesn't suck.
Vehicle/Technology: Streetcar or light rail. Sigh. Much confusion and conflation here, from News 8 probably not being able to tell the difference to Gerald Daugherty wanting to tar light rail with the same brush as streetcar to the councilmembers just not being able to commit. Statesman mentions DMU, but there's no way. These things are way too porky - the only way one even ran through the city in New Jersey on the other commuter line Lyndon Henry and his band of serial confusimicators like to call light rail was to cut corners through city blocks (workable in New Jersey since their downtowns, uh, don't have anything going on, to be charitable.
Route: They're talking about Triangle to UT to Capitol to downtown to the airport. This probably means the 2000 LRT route, which probably means no reserved guideway since it was a tough sell even with long and frequently running LRT vehicles. We're not going to be able to afford to give up 2 of 4 lanes on Guadalupe for vehicles the size of streetcars. Could be on Congress in the downtown stretch, in which you could bet against reserved guideway, or on one of the parallel streets, in which reserved guideway (or maybe just shared with buses) might be feasible. On Riverside, some talk of running off the side of the road so as to not take up lanes. As weird as this sounds, this is the best piece of news out of the plan, because it means that McCracken and Wynn at least understand that running streetcar purely in shared traffic lanes is a complete waste of money. Unfortunately, the one street they talk about doing this on is the one street where it's not really needed. Baby steps. My desperate hope is that this talk means they're comparing Riverside to other streets where they'd have to give up car lanes, not that they mean that they'd run in a shared lane on the other streets. Going to the airport is a new touch (was in eventual expansion plans in 2000).
Funding: Talking about using city money. Interesting wrinkle is using airport money for part of this. Federal funding mentioned, but I find it unlikely in the near term (give the Democrats a few years to reverse the past 8 years of disaster at the FTA, first). This line hits all the urban parts of town but doesn't grab the suburban park-and-rides. The Feds loved the 2000 plan because it hit both. They would have hated the 2004 commuter plan for skipping one, and they'd probably hate the 2008 plan for skipping the other one, unless this is substantially cheaper than I expect it to be. ("Rapid Streetcar" possible way around this?)
Operations: Getting Capital Metro out of the way for construction and funding: a good idea. Getting them involved in operations? A bad idea. We can't afford to subsidize suburbanites any more with this thing - if anything we should be treating this as an opportunity to build and operate our own rail system and grab back 1 of the 3 quarter-cents we give to Capital Metro in the process. 1/2 a cent is enough for bus needs, and Leander ought to be funding commuter rail themselves (maybe Cedar Park and Mike Krusee can kick in for the free-riders).
Conclusions: None, really. If they just try to build stuck-in-traffic streetcar, well, it'll be better than what Capital Metro wanted to build, since it'll run on the end of UT actually worth going to, and will run up past Hyde Park and the Triangle, and a few travellers to the airport will find it nominally more attractive than the #100. So, worst-case build scenario, we're better off than Cap Metro's awful circulator. Best-case? Probably some variant of light rail or "Rapid Streetcar". I can't see any possibility for reserved guideway where it would be needed the most - on Guadalupe between MLK and 29th - but if there's reserved guideway downtown, it'd be a lot better than what we could otherwise expect. Still, compared to 2000's light rail, this won't be worth much, but it's better than nothing. Stay tuned.