Developer at a tech company with 51-200 employees
Joomla is an impressive, open source Content Management System with lot of great features to develop full fledge websites
What is most valuable?
A robust and scalable platform for creating varieties of web applications including
(E-commerce).Round the clock assistance from vast and proactive community members.Thousands of ready made extensions available.
What needs improvement?
Bigger learning curve.Web Applications created in Joomla eat up a lot of server resources.Requires technical know-how, in order to take advantage of various features.
What other advice do I have?
Despite some limitations, Joomla stands out from the crowd and manages to retain its position in the market.
Disclosure: My company does not have a business relationship with this vendor other than being a customer.

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Updated: August 2025
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Agreed with author, and also like to add few more pros so community can benefit.
Pros:
1) Easy to install, even some hosting providers offers 1 click installation like hostgator.
2) Strong navigation management that can successfully manage several hierarchies.
3) Advanced administration