Ah, but Pinax isn't a good solution either: http://news.ycombinator.com/item?id=764566
Having said that, FeinCMS looks pretty nice and more modular, as you say.
Mmmm. Interesting. I wonder how much of the criticism of Pinax there is down to the specific apps and how much is down to the architectural philosophy it's trying to put in place.
On one hand Pinax guys are smart, on the other packaging/deployment/reuse are hard problems.
Here's hoping x>y!
It should be taking a leaf from Django's own design book and providing some high-level CMS building-blocks. Otherwise you just end up reinventing Wordpress or Joomla. Look at Pinax* or FeinCMS for a much smarter sense of how to get Django goodness without reinventing the CMS wheel everytime.
* I know Pinax isn't a CMS - but it's tackling the hard problem of how to allow several apps by different authors to work together and integrate into the same site.