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Although Wagtail comes with only the most basic features, it's by no means an incomplete CMS. It's very extendable and it's up to the developer to choose how to extend it.
Pro Lightweight with the most useful functionalities
Wagtail is a simple and lightweight CMS with the most basic and useful set of features baked in out of the box.
Con You need to be experienced in Django to get the most of it
Installing Wagtail on a remote server is a little more complicated than FTPing a bunch of files. Furthermore there's no ecosystem for plugins and themes so it can only be fully extended by a developer experienced with Django.