How do you define a railroad? Because the Event format was not written as a railroad, IMO. There are events occuring in the campaign world, and the characters' reaction to those events shapes how the campaign proceeds. The Event isn't written in any preconceived progression, it gives examples and guidance for how to handle things that might occur in game. And it was written in a way that I feel gives me plenty of ideas to go "off the rails." A railroad would present the events occurring and no matter what the response is from the characters the story would proceed along its path.
I've been running this so far at Gamedays where a bit more railroading is assumed for the game to work in the tight time frame, but I could see the way events could deviate in my home game, even to the point where the characters' actions could prevent the SHRA from passing.
And I think the character creation rules work fine, especially when you gain more familiarity with the system. Now that I've seen more of it in play, I'd easily be able to create my own heroes. (Although I've also been running through a deconstruction of the system to create a Fantasy hack of my own, so maybe that's why I feel more familiarity.)
Sorry to hear it didn't find its legs. But old games never really die. Look at this game's great grandfather - TSR's Marvel Superheroes from 1982. There's a website still devoted to it and people play to this day. (www-classicmarvelforever-com) Maybe this system will still be kicking in forty years..