I have been on a few overnight trains here in Sweden and they have all been quite old, noisy and shaky ones. This initiative might give enough incentives for companies to invest in better overnight trains, but so far what we are being promised are more lines rather than better experience.

In contrast, overnight ferry has been mostly a delight. The room are smaller than hotel but much better than train, they don't shake (and I only appreciate a gently rocking movement of the ocean), and unless you buy the cheapest tickets you tend to get a mostly quiet night (the ac can be a bit loud through). The only drawbacks is that it is much slower than air travel, and the food prices in the restaurants are about as atrocious as those on planes and trains.

Sadly ferries is basically limited to traveling over the Baltic sea and Norway. I would very much like the option to travel to other costal nations in EU, even if it would take a day or two, but there simply isn't any lines.