We have been traveling in South Korea for close to a month and can report that both the train and bus systems here are nearly flawless. Both run frequently, are consistently on time and cars/cabins are clean and well appointed. Bus travel here resembles something much closer to overland business-class travel than what you might think of Greyhound.
Prices are reasonable for both buses and trains (we never paid more than US$20) for trips ranging from 1-3 hours, and even the KTX high speed rail (Busan to Seoul in 3 hours) was a good deal at around US$45/person.
Should you ever be planning intra-South Korea transport the below two websites came in very handy for us...
Korail Korea Railroad Online Booking
Official Korea Tourism Organization - Express Bus Page
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