Disclosure: I am pro-rail and pro-CA-rail ...
Better to refer to it as "California Rail" and not "California High Speed Rail" since the speed and travel time is modern, circa 2005 or so. As of 2015 it is looking a bit sluggish compared to competitors globally and by the time it is actually running, with riders, it will be decidedly slow by comparison.
Anything under 2 hours from city center LA to city center SF is very interesting and a real game changer. But 2:40 or more ? And I am potentially stepping off a train in LA which is absolutely governed by car infrastructure ? That sounds like a wash, at best.[1]
[1] As opposed to a 5.5 (or so) hour drive, with complete control over departure time, unlimited luggage, total control over your own environment and when you arrive you have your car with you already ...
The distance between SF and LA is such that it /should/ take under 4 hours.
(CA native).