I just finished up rebuilding a '67 Schwinn DeLuxe Racer (hey, I wanted a Traveler but you take what you can find). Damned thing came from Santa Cruz where the salt air turns bikes to barnacle-encrusted reef material. I had to literally grind the rust off the frame before I repainted it, but it turned out pretty well. The original 26" S-7 rims were shot, and I had a nice pair of 27" S-6 hoops, so I upgraded to those and a pair of Weinmann centerpulls. The result is sort of like the newer 3-speed Collegiate. The gearing is taller but the ride is smoother. Right now it's got the el cheapo two-tone saddle that feels like the business end of a coal shovel. I think the deluxe two-tone or a Varsity-type road saddle is in the future.
Generally though, I think the comments above are about right. I have a '70 Raleigh Superbe too, and it is generally more nimble, but a slightly rougher ride. The Racer's geometry is more akin to a Raleigh Tourist. They definitely both have their own charms, and rather than choose one over the other I heartily recommend having one of each.