The Swindon and Cricklade is, as mentioned, very slowly rebuilding the line between Swindon (Moulden Hill) and Cricklade. BUT they will never be able to get around or into either of those towns, the trackbed isn't left intact due to housing developments and commercial property being built since the line was closed. They also lack the funding (they make a small profit in comparison to other lines) to do any major re-routing work to get them past such large towns, I used to be an active member there and plans to get to the water parks in the Cotswolds were ambitious to say the least. Many of the lines own staff refer to it as a toy train line, basically a place to play trains, not anything more.
They do however have an interesting museum in Blunsdon tracking the history of the line back to its original SM&AR days. A worthy site of note is Swindons Other Railway (google searches will take you there)
I've essentially walked the entire line from Malborough through to South Cerney and alot of the original formation exists in places, even bridges, culverts and station buildings.
The S&CRs plans basically encompass building a station opposite the Tawny Owl pub in Taw Hill for public use while a bigger station is built at Moulden Hill country park, with the very odd possibility of main line access at Sparcells through Network Rails own idea of putting a semi suburban station here when the Kemble line is re doubled, although this idea seems to have fizzled out into nothing. As far as Cricklade goes, due to the formation being lost near the outskirts of the town the idea is to put a station on the elevated section as it comes past the outlying houses, next to the Sustrans path.
Wether either of the terminus stations are ever built is anyones guess, personally I would have my doubts, knowing the S&CRs management.
One thing they have done which strikes me as odd is the choice of a GWR theme for the line, given it was the GWR who plunged it into a state of loss in terms of traffic.
Had the line remained intact, it would be a VERY useful link from the midlands to the southern ports, as well as give Swindon a second station for this traffic. The last traffic into Swindon on this line as far as I can recall were stone trains for the building of the M4. A few photos do exist to back this us, as well as one or two of the drivers on the S&CR actually being the drivers on those services.
One point that must be made, is that Readypower, an on track plant company use the S&CR for training, due to the excellent road/rail system in Blunsdon, in return the S&CR benefit from Readypower doing major work for them for free! Put it this way, if Readypower hadn't arrived on the scene, the southern extension wouldn't be half as long as it is and the idea of getting to Swindon would still be DECADES away with the line won PWAY teams. Plus nearly all the major line work over the past 6 or so years wouldn't have happened.
Like I said, I used to be a member there and to be honest, before Readypower, found it a complete shambles. Most of their stock is privately owned and in a very bad condition, when I was there even the service set of a Mk1 BSK and a SK barely scraped through their fitness to run exams, the 03s are clapped out, the Thumper is in desperate need of overhaul and the steam fleet is mainly, aside from guest locos, industrial shunters.
Just to clarify, the Galloping Alice project is underway, raising funds, although their idea is import a similar locomotive from Australia and convert it. Costly...