I can agree that folks who are entirely new to the game may not be savvy enough to complete the entire event questline. However, finishing is not required, since the rewards are all throughout the event (no single grand prize for finishing all quests). Even factoring in 10 evolutions of Stonehenge as a "grand prize" is problematic, since chance seems to be figuring in much more in this event than the Phoenix and even the best quest crushers are not guaranteed to roll lucky enough to get 10.
I disagree that smaller cities are at a disadvantage, though. It depends largely on play style and whether or not you are keeping future events in the back of your mind when considering scouting, clearing provinces, stockpiling goods, etc.
When I was new to the game, I did not finish the first few events (Wonky Walter started just about when I did, I think). After learning a few tricks, I was able to plan ahead and finish events without too much stress. I started a second city when my first was in S&D, I think. I have been able to complete all events with both cities thus far, with 25 quests remaining for my small city in this one. It might be a near thing, since I am woefully short on extra space (end of Dwarves), but I am hoping to push through and finish, especially since I have been getting a LOT of time instants.