Unnecessary bloat for simple projects and inadequate for large ones (which will probably need domain specific code anyway). Does Django really need a CMS?
I suspect there's not much more over what Django-admin provides already but I reckon it would be good for people to maintain their own simple site without having to do any programming.
smells just like http://radiantcms.org, but i didn't seen any support for custom tags. (same basic, ruby/rails instead of python/django, a shade more mature.) having developed a LOT of radiant code, i can recommend it.
if django-cms follows the same pattern (and the demo looks like it does) it's good for building content-based sites, brochureware, blogs and such. doubly good if you're building a site for a company who wants to manage their own content.