Update number 473 (and counting)
There _are_ trains running to Waterloo from Portsmouth Harbour now – two an hour.
One leaves at 2 minutes past, getting to Waterloo just short of two hours later. The other at 40 minutes past taking 10 minutes short of two hours to get there.
Of note – the FastCat connection I took, just happened to miss the 2 mins past.
The customer services people on the platform at Portsmouth (freezing themselves senseless), said the journey times may vary.
On the way back to the Island, the trains leave Waterloo on the hour and at half past. Journey times appear similar to the way to London.