For projects that I've worked on, it depends on the size and functionality that the client requests. If they just want a CMS-esque system that they can update content easily, with few people using it, I would use Wordpress, have it themed and off they went. If they wanted more graduler permission structures (aka certain users only have rights to upload images, etc..), other features like forums, or multi-site configurations to name a few, I would move more to a CMS like Drupal or Joomla.

Now the new changes to Wordpress will negate some of that (multi-site config mostly), but there's still a divide. If it's a smaller site for say a local realtor or small business Wordpress would be what I'd look at. Something like an online magazine though, would get other options.

For the projects that I've worked on, it depends on the size and functionality that the client requests. If they just want a CMS-esque system that they can update content easily, with few people using it, I would use Wordpress, have it themed and off they go. 

If they wanted more granular permission structures (aka certain users only have rights to upload images, etc..), other features like forums, or multi-site configurations to name a few, I would move more to a CMS like Drupal or Joomla.

Now the new changes to Wordpress will negate some of that (multi-site config mostly), but there's still a divide. If it's a smaller site for say a local realtor or small business Wordpress would be my choice. For something like an online magazine I'd look at the other options outlined above.