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The Saundersfoot Railway (or part of it) was nearly re-opened a few years back. As I understand it, there was a problem with getting permission to cross a small area of land that could not be resolved. There was an engine (Chough I think), carriages, and track on site ready for laying. Sadly, because of the problems, they went bust. Had they been able to get up and running, I think they would have been hugely successful given the amount of tourists we get in the area, not to mention the amount of locals that would use it to get to the "Bridge" for a pint!
Incidentally, the Railway Order is still in force if anyone else fancies having a go!
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