And about time too. The question shouldn't be one of "do we need it today" (ok, yes we do, the impact of something like fog as was experienced today illustrates that point quite clearly already) but rather "will we need a 3rd runway by the time it's built".
There's no point, in about 10 years time, realising that Heathrow really needs a 3rd runway because you can't get it approved, designed and built in a year. By that time it may well be too late.
As for the rail hub? Well, why not. Improved rail links to the rest of the UK might well have some downward impact on domestic traffic (although not to the extent claimed by some) but could also provide alternative routes into Continental Europe.
Time to get the plan submitted, approved and work started...