Railguns exist?!

So I may be way behind the curve here, but I read an article stating that the Navy has actually test fired a working prototype or something close to a rail gun (currently called the AGS) that they plan to place on ships.

Not only that but they 'state' that "it has broken through the barrier of being more expensive and is now and has much more potential to be much more cost effective than traditional explosive armaments.

Just about a year ago I read this was technology reserved for 10+ years ahead?

However, read for yourselves, I apologize if I miss-quoted I am just stunned that this kind of technology is finally coming to light.

Source: http://www.foxnews.com/tech/2012/02/...otype-railgun/