Here is a tweet from @CTWkendBullets - as far as I can tell an official Caltrain Twitter Account.
Take Caltrain Weekend Bullet to Disney On Ice 3 pm show at San Jose HP Pavilion. Show Caltrain ticket; save $5. http://bit.ly/iiQbsn
The one bullet on the schedule arriving before the show - arrives at 1:03 PM - 2 hours before the show. There is a local arriving 10 minutes before the show (probably not enough time for kids) but also one arriving an hour and ten minutes before the show. With young kids, longer on a train is probably better than 2 hours roaming around HP Pavilion to save 20 minutes on the train.
I have definitely changed my position on a lot of the station closures (though Hayward Park? Why?) but Caltrain should have been more aggressive with this pilot and put in MORE BULLETS, and REMOVED some local trains. Say for example going with every other train on the bullet schedule. Optimally increased ridership along with increased support, they could run 30 minute headways on the weekend, with every other train being a bullet.