In the context of both NT quotes (Matt 7:12, Luke 6:31) Jesus is talking about giving to others, rather than witholding something unpleasant. As the Wikipedia article quoted above states, it's a positive form of the idea rather than the negative.
As far as treating others they way they would want to be treated, that's a worthwhile endeavor, but to me it doesn't really go beyond Jesus's words, simply because I think Jesus is stating something about giving in general. So in essence, the rule is a general one, and if a person wants to discern what others might want or how they want to be treated, that's all well and good, but I don't see how it makes the concept superior or the Golden Rule inferior.