I think that it's worth mentioning that while there are games with runaways, I've played a good number of games in which competition was still pretty fierce in the late game with no clear unbeatable odds. Certainly there are smaller nations who aren't going to make it, but at least there were multiple contenders for the top spot. That seems ideal to me.
Indeed, even tho a big scientific lead can grant you a lot of the wonders there is far less wonder hoarding due to current VP dynamics which helps a lot to mitigate runaways, while the happiness system tends to slow down a wider playstyle.