Have it - the middle rail. Don't like it, esthetically. Like it, operationally. It's just a current conductor system, not a Modeling Ideology (oh - everything's an Ideology - I forgot!). I'm used to it, but I do see it.
"If I were starting today..." Well, talk is cheap. If all the locos that I love were made in S scale...but, they're not. If I had the discipline that I should have, I'd have 6 locos (Hudsons, Mohawks and Niagaras), 50 cars and a 2-rail O-scale layout with radii that could handle the Niagara. Done.
But, I have a whole s**tpile of 3-rail scale equipment. Too late to turn back. The middle rail does, indeed, "look ridiculous", as stated above, but I embrace it.
The main scale is HO, of course - typically 2-rail (some German practice notwithstanding). All fine and good. But when I walk up to a nice, operating HO layout, I can admire it and appreciate the work and skill. But - I never have any desire to have one like it. The size just leaves me nonplussed. 3RO "standards" and fudge-factors enables me to have substantial beautiful models that can be operated somewhere other than a barn.
Oh - and my equipment isn't "toy trains"; they are not toys. Yours may be, but that's just you.