Depends on the circumstances. The more AI civs there are in the game, the better it works. IMHO it can work on regent if there are at least 3 strong AI civs, which can happen in a game with 10 civs and archipelago or continental setting on a large map.
Let the AI build the tech related wonders and get yourself the economy wonders. Playing a commercial civ helps too.
Problems may arise if the AI doesn't sell techs the usual way or simply charges too high prices like in DMcW's example, but with a strong economy you can steal techs via espionage about every 4 turns (for 4000- 5000 gp each, suggesting your income is >1000 gpt).