Manny, for starters, I am an 027 operator. Back when I got back into the hobby, 027 track is what came in nearly every starter set. So that's what I went with for practical cost reasons. But also back then, the choices were 027, 0 gauge, Gargraves or out of production Super 0.
Once you've settled on wanting 027 track for any number of reasons, the biggest drawback in my mind, is the electric switches, which come factory wired to run off track power. You can rewire them to run off secondary power, which is the way the 0 gauge switches come.
I settled on manual switches. The Lionel ones with the brown colored switch box housing (produced from 1970) have a horizontal motion lever that moves from the left to the right, which is quite easy to set up operation using nylon fish line, giving you a "poor man's" electric switch.
I also made a decision years ago, to have the choice of running my layout on either AC or DC power. Some of the smaller steam Lionel engines (especially the 8200/8209) produced during the MPC years are quite nice for being low cost locos. I replace the Pullmor motor chassis. The way the 8200 comes, it has a manual reverse lever inside the rear cab of the steamer. The DC motor chassis is same size, so they are switched with no alterations. The 8209 comes with a forward/reverse mechanical e-unit.
Not trying to cram in a circuit board reverse, I can then can add additional weight to the chassis and engine shell. But without the board, the engine will run on DC only. But with DC current, the engine stills runs forward and reverse. And with the added weight, these engines can now pull a train.
Oh, and they stay on the track. Never had a problem with them jumping curves. And by chance if the front guide wheels jump on switch tracks, a small magnet or some added weight to that front wheel assembly will cure that issue.
The same goes for the small Industrial Switcher diesels produced in the mid-1990's. Removing the circuit board allows more space for added weight, making the engine run and pull better. You could add a small in-line rectifier and run the engine on AC in forward only, but what fun is that? So again, having a DC power source allows forward and reverse operation. And I can always switch back over to AC current to the track should I choose.
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Aside from my long winded explanation above, I see nothing wrong with 027 track. It allows for greater layout design possibilities in smaller spaces. YES, you won't be able to run larger locomotives and rolling stock... on the upside, it's a good way to save money.
On a postwar steam engine note, the 2018, often overlooked by collectors, is also a very decent running engine with magnetraction and smoke. I have one and am very pleased with it.
I've been building 027 track layouts on hollow core doors for years, and have gotten good at it - figuring out quite a few tricks along the way. Most of the other track systems won't allow much more than an oval on a hollow core door.
Take a look at what I do with my 027 trains on the link in my signature line below. Here's a preview.... Both engines have added details, added weight, working headlights and the original motor chassis replaced with a newer Lionel DC motor chassis.
There's no room for a decent smoke unit in these. I use pillow batting for my smoke, which looks much better than the typical cotton once used. Since these photos were taken, I mist the pillow batting with black and grey spray paint.