If the goal is only to get people to a CBD, then what we have will suffice and the $5 billion (approx) NSRL won't make sense. The Downeaster to NYC is nice but is just a trickle.
I should probably write an article about my thinking on this issue. I'll try to sketch it out briefly.
This proposal might be considered a fundamental restructuring of commute patterns in the region. The goal is to strengthen the MBTA's service to secondary business districts. Back Bay, Longwood, Yawkey, Kendall, UMass, Brighton, Lynn, Ruggles, Malden, Porter, Newmarket, etc etc. Places that have or could germinate near or around commuter rail stations. It's impossible to create 1-seat rides from all the commuter rail lines to all those places. Instead you are going to ask a significant proportion of people to make a connection. And for that you need frequent, rapid transit-like service.
1) North people commuting 1-seat to Back Bay and South Station
We already determined that we could only send a limited number of the big loco-hauled bilevels through the link, so what do you do with the people dumped at North Station? What about people coming into South Station who want to go west or south along a different radial? You need frequent service.
2) South people commuting onward to Lechmere and North Station
Same issue, flipped.
3) TOD at Anderson (Lowell Line) and Norwood (NEC)
TOD, great, but if you want to attract riders from all over the region, you need frequent, connecting service. One seat rides from everywhere to everywhere won't work.
5) The Downeaster through-running to NYC
That's a bonus, IMO. Maybe an excuse to get additional Federal funding, and some from Maine.
For some trip pairs, CR+subway already works (e.g. North side/Back Bay). For others, not really (e.g. South side other than Worcester/Yawkey). Also keep in mind ever-increasing crowds on the subway, in crucial connection stations such as Park Street, which cannot be expanded (it seems). The Urban Ring may help for some trips, but it won't help for going north to south side. Fast radials can easily beat it out, too.
Getting it built is difficult: no doubt. Lots of phases. NSRL, electrification are biggies. Maybe getting people used to the idea of dense service on the inner sections, with DMUs, will be a start. Maybe not.
But this is the kind of "big vision" that I think is necessary to justify the NSRL. Not just running the same old service one more station. Not just for the NEC. It's the idea that the commuter rail is more than just a shuttle from parking lot to CBD, but rather, a cross-regional rapid transit system that means you don't have to live and work/school/play on the same line.
Crazy, I know.