If your on a Dual size map, (or if there are now only two civs left): OP does have a point.
But with more civs than that, both civs that sign are now ahead of all those that didn't.
About the only civs you don't want to RA with at all (when straight up) are those in which the deal will get broken:
(Civ whose behavior matches a profile likely to DOW you within 30 turns or a 3rd party civ is going to wipe out that civ within that same time frame.)
Also, if by chance a given player has both PT and also base rationalism, it might be best to RA embargo that civ.
Patches: When the game was first released, RA were very different and gave a random tech (that was less than X% researched). Tons of micromanagement was involved for those wanting to ensure they got the right tech. One of the patches changed to the current format.