Okay, so there would be two big issues with the resumption of service to Monterey PROPER:

1. There's bike trail where the tracks once ran. So...not likely.

2. These communities--even where the tracks survive--haven't heard the ruckus of a prime mover or locomotive horn for many years, or been stopped at a grade crossing. So therefore they'd be opposed to having those negative externalities turning back up in their day-to-day life. If there's anything to learn from SMART, it's that a vitriolic response by residents unaccustomed to a rail operation on a dormant line is INEVITABLE.

In my opinion, the "Monterey Bay" part of their name hints at a future operation towards Soquel Cove and La Selva Beach. Of course, considering the decrepit conditon the physical plant is in (credits to SP and UP deferring maintenance) this probably won't happen in the immediate future.

I would not be surprised, however, to see an entity akin to ACE or Coaster handling commuter rail service from the Boardwalk to San Jose via a refurbished physical plant (unfortunately, I would expect it to be at the expense of many of the bridges/trestles which have such a nostalgic quality about them) or Iowa Pacific perform some upgrades (e.g. a couple controlled sidings, a signaling system) in order to facilitate a smaller setup, somewhat like what the Saratoga North Creek does.

Worth noting: Does anyone know what the story behind "Depot Park" is? Could it have something to do with a long-term plan for Commuter rail?