That sums up my experience with cakePHP too. I don't know what's happened with this framework in the last couple of years, but when I was first learning Rails and enjoying it, I used cakePHP for a big project because I knew PHP well, and didn't yet feel comfortable with committing to using Rails for it.
That was a decision I regretted many times. The hoops I had to jump through to deal with complex database queries were ridiculous. The difference in quality and robustness between ActiveRecord and cakePHP's ORM (at that time, anyway) were pronounced, with AR coming out way, way ahead.
There's no doubt, in my mind, that if you are going to take on a large, ambitious web application project, you'll be better served by Rails.