It is possible to get a halfway decent photo on the eastern side of the river ( Metro North). Here is a photo I got of Metro North's Inspection Train in the Station back in October 2009. I shot it through the fencing, but had to take some time to manually focus, IIRC the edges were blurred a bit, and I cropped those portions out.
Nice job, Kurt. I tried shooting through the fence with my pocket digicam (with mixed results), but it was too much of a bother with my DSLR lens.
I suppose NYS could put some sort of viewing port in the chain links, but then there remains the problem of idiots trying to throw things through them (not that they can't throw things over the fence currently).