The old lines and trains would still have continued, with a better, but not faster, service due to trains not getting hampered as they entered/left London. I also doubt that Stockport is actually making any money from passengers looking out of the window at it as they pass by!
Personally I don't know my feelings on this debacle. I remember thinking when it was first mooted that we really needed to be dealing with local infrastructure first before committing to it, but the most depressing thing is we haven't got very far at all with either. And now I don't trust that the government will come up with much/any of the new/revamped/rehashed/repeated/old-news-already-done promises and these will get chalked off for various reasons one by one over the next decade.
If I was Labour, what I would do now is commit to a full pricing review of long-distance train travel tickets and get them government subsidised. If we can't have a modern system, we shouldn't be paying 1st class rates for a 3rd class experience.