It is unlikely that the ancillary times involved in air travel will be able to be reduced much. The 'complete' HS2 network theoretically allows a journey time of 2hr20 from London to the Central Belt; a direct flight today from Heathrow to Edinburgh Airport is 1hr20. The journey time from the median area for people to travel from in a city will be a lot less when going to its main or HS2 railway station than it will be going to its airport as the central/HS2 railway station will be accessible from all area of a city via bus, rail, tram, metro or whatever. In comparison, airports are normally accessible only from the corridor between them and the city centre - Crossrail will improve this for London but the journey time from Canary Wharf to Heathrow is still around 40 minutes - from Canary Wharf to Euston will be between half to two-thirds of this post-Crossrail changing at TCR. After arriving at the HS2 platform, all that is required is to get through the small concourses and arrive at the right location on the limited number of platforms - it can take tens of minutes at the very least to get around Heathrow terminals whereas different sections of Euston would be no more than a few away from one another.
As soon as you are on the platform and your train is there, you can board and the train will be away within minutes. Compare this to air, where a planeload of 200 passengers will often be loaded through a single gangway and there would be minutes of waiting around on the tarmac for a take-off slot (particularly at Heathrow). By the time a London-Central Belt passenger by air would be off the ground, the rail passenger could well be all the way past Birmingham. Yes, the plane will likely then catch up but again it will have to wait to land, arrive at the gate, get the gangway arranged, get all the passengers off and then for most passengers to get their luggage from baggage reclaim.
By the time the air passenger has left the terminal, the rail passenger would likely be in Scotland at the very least and more likely already slowing down to approach the city centre stations. Most non-London airports cannot justify a dedicated fast link to their city centre by rail, so it then requires either a taxi ride or a reasonably slow ride on a tram or train to the city centre. The rail passenger will arrive well before the air, in a more civilised, environmentally-friendly and productive mode of transport.
The aviation industry has turned away from faster speeds because the cost of aviation fuel is increasing so much. That's the reason that Boeing have concentrated on their 787 and 747-8 rather than their Sonic Cruiser idea of a transonic jetliner. Indeed, it is likely that the fuel savings involved in slowing routes down slightly would be great enough to justify flights becoming slower than they are today. Because so much of the air journey time is ancillary rather than in the air, even a transonic or supersonic aircraft would not make a vast difference over the distances involved in the UK. Additionally, it does not matter if rail would be slower if rail would in fact be much more frequent - this will be the real killer advantage for future CrossCountry HSR from the West Country and Wales to the North East and Scotland because although direct flights may be faster than all-stops HSR, there is not enough demand for the same level of frequency (rail could easily be up to 2 trains an hour, whereas air does not justify more than a flight every few hours at the moment).