In your opinion Ainsworth, would that put passengers off if it terminated at Queen's Park, even though it would give Blackpool another direct train to the capital?
Dunno, I would assume they would advertise it as London (Queen's Park) or something like that, sort of like the Ryanair wheeze of 'serving' Paris using airports 50-100 miles away. That being said the Bakerloo is a decent line into Central London with plenty of interchanges available at places like Baker Street, Oxford Circus and Piccadilly Circus (as the last two being major destinations in their own right).
If the price is right I doubt it will put people off that much not getting into a proper London Terminal though the facilities at Queen's Park are a bit, er, spartan by comparison.
If it does, finally, get off the ground it will be interesting to see how they go after Crewe and Preston passengers as well as passengers at Milton Keynes, Nuneaton, Tamworth and Lichfield Trent Valley (assuming they can get the paths to call as again the rights on those are all contingent). I think they're going to need a very commercially aggressive pricing strategy to make this work. Something which, to be honest, they've been a bit lacklustre about over on the ECML recent years.