Where would a BART line run on the Peninsula? Down 101 from Millbrae? Such a route would cost billions over some of the most expensive real estate in the country, yet wouldn't serve the denser parts of the peninsula well.
Modernizing the Caltrain seems like a much better use of money. It's clear from the website that this stuff is very expensive!
If we want to dream, a BART extension from Milpitas through Santa Clara (and the new stadium) to link up with the light rail and Caltrain in downtown Mountain View would be awesome, though!