I love the Ionheads, and I do like to use them in armies of all sizes... as mentioned already, I particularly like to use two in armies of 1000pts! it gets very vicious!
Anyway I can't rate the Railhead, at least not as highly as others seem to. For four key reasons;
1; It's anti-tank is, on the whole, sub par. In terms of the fact that one shot is all too likely to miss. granted when it hits it is likely to kill what it targets, but all too often those 1s or 2s come up. Of course, you can improve the change to hit by using markerlights... but at that point you have to think that when you do this to an Ion Cannon, it improves the BS for all 3 shots! thereby improving the chance of stacking multiple damage. The only place where the railgun definately does better is against high AV vehicles... but this leads me on to point 2;
2; Long ranged anti-tank is really NOT the best or most effective form of anti-tank. This is usually due to the abundance of terrain. No, in fact close ranged melta shots from Fusion Guns are by far the most effective. If you have to go with long ranged anti-tank then the Railhead competes with the Broadsides. And you'd be a fool to suggest that the Railhead is in any way better than the Broadsides at killing tanks! For the same points as a tank, you can get 2 XV88s, with the ability to kill two separate tanks if you choose. They are also more likely to hit, and additionally benefit even more from markerlights. So, for long ranged anti-tank, take XV88s. They aren't too shabby at anti infantry either, lets be fair... and this brings us on to point 3;
3; The Railhead is good because of its flexibility to target infantry OR tanks. But when you take a look at its infantry weapons you don't see anything any more special or different from any other weapons the tau can take. We have a plethora of pulse weaponry which does the job nicely. The thing that the blast shot does have going for it is the AP4... but if you are considering cover when talking of the Ion Cannon Ap, then you have to do the same for the ordnance blast... and in that sense, the AP4 is less definitive. The real question is why spend points for an anti horde tank when the rest of your army already excels at this?
4; However, the biggest reason for me not using Railheads is because they get killed. What I mean is that the size and awesome look of the Railgun means that it tops the enemy target priority list... and this makes the tank die. We have all experienced this... I can be almost certain. Everyone targets your Railhead(s) with a vengeance.