It probably depends on playstyle, yes. Especially in the hands of a monk or similar character with a high movement, the feat *can* rock rather hard.
Funny, this discussion taught me something about my own GM-style; I thought a bit about when Run rocked the table and came up with the following;
-catch hostile agents running from the PCs
-escape a myriad of monsters for whom the PCs were ill-equipped (my game tends to reward proper legwork/achilles-heel exploits)
-running from crushing boulders and similar traps/haunts
and more than that:
-maelstroms to the abyss
-ships falling over the edge of a demiplane into oblivion
-running from an island before the imminent volcano-eruption + pyroclastic flow kills everything
-flying sky-cities crashlanding
-jumping/crossing a field of meteors in space, while the oxygen/pressure/environmental enchantment that made life there possible slowly eroded
... I could go on, but those are the examples from the last two years.
The characters with run had more actions to clear obstacles for the rest of the party or make clean getaways. I guess I love theatrical, climactic scenes. *laughs* But I get where you're coming from - that's one of the reasons this is 5 stars + seal of approval: For many groups, running from an encounter isn't an option and not every group has such a penchant for cataclysmic escapes.