1. Database queries are not asynchronous. This is a big deal for most traditional web applications, and pretty much removes any benefit to using Tornado for them. Even for things that rely mostly on HTTP APIs, there's still a decent chance that you'll want to do authentication or something against a database.
2. It was generally lacking a lot of the maturity and handy declarative syntax you can get with frameworks like Django. There was no ORM, form helpers, etc.
That being said, I really like the idea, performance was great and development seemed to be proceeding at a tremendous pace. The whole project is on GitHub and they seemed very willing to accept both bug-fixes and features.