The moment I saw HTTP meta redirects for legimate web pages, I started digging into the exact working of this network. I am currently connected to the wireless network of a hotel that is superclick enabled. Though the popups and network interceptions seem a little random, I finally managed to capture the series of redirections and pages.
The toolbar, for its part opens up a couple of superclick ads. The toolbar page looks something like this. A quick look at the page guards it against closing the page using the DoUnload function as defined in the body (line 200). The page also has a couple of lame MM_* functions for simple image swaps, etc, more like a library. This reminds me of the typical functions that Microsoft Frontpage pages have. Apart from this, all that the page does is send across browsed pages and bring in advertisements.
Now for the privacy parts. Simply blocking the superclicks.com using adblock would prevent calls to advertisements. Also, since the redirections do not always occur, we could also try experimenting with blocking the IP of the squid server that prevents redirects. This may have a jittery browsing experience blocking sites sometimes, but it seems to work for me. Best of all would be to use a VPN that would make even the squid totally unaware of the URLs browsed. So much for privacy.... :)