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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 Great separation between developers and editors
Wagtail has the perfect separation between developers and editors. It allows you to construct a site with minimal fuss with features like the awesome stream field and hand it over to virtually any content editor. You can build the site with no knowledge of Django and with the simple interface require no training to get started.
Although this will always require developer time, with 2 or 3 days you can quickly get up a boilerplate site that will fulfill 80% of any site you will develop. Leaving only the bespoke parts to do.
It also nicely slots into any Django project with no fuss.
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.