In Japanese it is Linear Chuo Shinkansen (リニア中央新幹線), in English it will be something like Maglev Shinkansen.

Back in October Ministry of Land, Infrastructure, Transport and Tourism has approved the construction of Maglev Shinkansen proposed by JR Tokai. Construction will start in 2015 or later. First portion, Shinagawa – Nagoya is scheduled to start on 2027 and Nagoya – Osaka portion is scheduled to start on 2045.

This Maglev Shinkansen will use magnetic levitation technology and plan to run Shinagawa – Nagoya in 40 minutes with maximum speed of 500 km/hr. (310 mph). Shinagawa and Nagoya station for Maglev Shinkansen will be built underground, where route to Nagoya will go through Yamanashi and southern Nagano. 286 km between Shinagawa and Nagoya, where 247 km (86% of the route) will be in tunnel.

I am self-proclaimed train geek, but… 86% of the route is in tunnel… An hour and 36 minutes from Tokyo to Nagoya on current Nozomi with some view of ocean and possibly Mt. Fuji sounds good enough for me. I bet JR Pass will not be valid on Maglev Shinkansen.