Californians passed Proposition 1A, floating $9.95 billion in bonds to make a high-speed rail system connecting Los Angeles, Orange County, and San Diego with Sacramento and the Bay Area, as well as points in between (e.g., Bakersfield and Fresno). 
The California government has this site on plans, which mentions quite a few other countries with high-speed rail, including Korea's excellent system, though Korea isn't mentioned much. I think its relative absence might be because Korea's railway wasn't exactly on time and under budget like the others they were touting to voters as examples of what would happen with a California rail system.
Given the safety problems Los Angeles is facing even with its regular railway (and concomitant expensive efforts to prevent them), cost overruns are to be expected, I s'pose.
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