The fact that you have to set up caching by hand, when the wordpress team knows how slow wordpress is, says a lot about them.
Personally I like this. It means that I was able to pick a caching engine that integrates directly into nginx, so that when I write a new post or edit an existing one the extension invalidates it directly in nginx. This means for the vast majority of my site the content is being served directly from nginx's memory cache. My performance is awesome. If they didn't go with an extension approach that would not have been nearly as easy to accomplish.