I thought the same thing when I first saw madCAM. Then again, I thought the same thing the first time I saw Rhino. In both cases, there was much more there than I first thought.
Are there less features than the high end software? Of course. You can't really expect a $2K plug-in to match a program like WorkNC or PowerMill feature for feature. That's unrealistic. But there are enough features in madCAM to handle most scenarios you can throw at it. For example, we use it everyday to program 3+2 milling for our expensive Hermle 5-axis machines.
Our main CAM software is WorkNC, but with the volume of work we do, our 4 seats can't keep up. It is cost effective to use madCAM to cover the excess. And as a bonus, it sure is nice being able to make paths right in Rhino. Once you get used to how it works, you can produce paths very, very quickly.
Try the demo, and if you have questions (and you will) ask them here. I have no doubt that between myself and the other madCAM users, we will be able to help you see what a great program madCAM is. And in the process, if you have suggestions for improvement, post those too.
I hope this helps,