I have building sites with WordPress for several years now (including one in the showcase that uses WordPress as a CMS with hundreds of pages of content) and I have to say that I still don't think that WordPress is ready to be an industrial-strength CMS. To be fair, I also don't think that's what the WordPress team is trying to achieve, which is why things settings like "Blog Title" still persist.

WordPress is an amazing blogging platform, and provides some great light-weight CMS capabilities along with the vast array of plugins and functions. But simple CMS functionality like page and file management are still weak and neglected. Some of this functionality is available through plugins, but these can often be out of date or incompatible with other plugins. (Example: WP-Table breaks my cForms). To top it off, I have to install dozens of plugins for each WordPress install to get some of these features that I consider "basic" CMS functionality. Until these tools become more robust, and part of the WordPress core, WordPress will continue to be blog software that has some great CMS capabilities.