I have used the old Standard version for woodwork projects. I have found it to be excelent for creating part and assembly models. The standard edition has the full drawing features and these are useful for generating the 2D drawings to assist manufacture.
As for weaknesses, the main one for me is the inability to effectively manage parameters across several parts. For example, if a structure is designed around a particular size or thickness of wood and you decide to use a different size stock, each and every part has to be modified independantly to update the size. It is not a major drawback, just a bit of a pain.
Models can be created quickly with a minimum of training, but you will need some of the advancd features to ensure models correctly update when dimensions are changed.
Take a look here to see one of my projects:
http://www.longlands.net/woodwork/