I believe it's better than having nothing. I think there's a lot to be done in this space and having someone or a team working on it full time is the way to go.
Absolutely. I know there are some projects kind of like this, but right now they are lost in my bookmarks folder somewhere... I recall a couple of good admin dropin replacements, I think one or two even have a paid-model which I dig cause I'm more than willing to pay for django-specific code that will save me development time. Likewise, I know there's some good projects trying to do something similar to Avo, but again I've lost them in bookmarks and my google-fu isn't working to retrieve them.
If you can, buy their product or sponsor the project. The amount of work it goes into maintaining this kinds of products is quite high. Spread the love!