My main concern is the relative lack of experience in the Welsh Government for anything like this, especially from the politicians. There's lots of detail missing on this; for example if as many have pointed out, this 'new company' is to be publically owned than it currently isn't permitted to operate franchised railways in the UK.
One of the other problems with transport is when it is looked at in isolation to neighbours. Much of Wales' population relies on services in England for work, health, education, shopping etc), it's therefore vital that any agreements are made in conjunction with these neighboring authorities if you want the best for the public.
The South Wales Metro scheme (linked to this announcement) is a great idea but Cardiff Bay is pushing ahead with this without undertaking proper economic and social studies to understand demand. Most of the benefits could be achieved simply and fairly quickly,by trying to co-ordinate timetables and setting up a common, interchangeable ticketing scheme. They've also appointed the scheme's promoter as a Director which surely is a conflict of interest?
Whilst private companies take a profit, in the railways this is actually quite small compared to many industries, and there's no guarantee if the operator was public it would go back into rail.
This statement is all about ideology rather than getting the best railway system as the WG could specify new services, buy new trains build new stations and do things with the fares tomorrow if they wanted to, or more importantly if the money was available.
Unfortunately it's this last point which is key - there is none, and things are only going to get worse no matter who gets into government. Whilst I welcome all these announcements on investment across the UK, I won't be celebrating until they're built, open and public finances are back in control.
I'll be honest that I can't see a WG owned company running the Welsh franchise, however, I can see perhaps a more contract type agreement like London Overground.