However when you get to multiple teams and multiple 100s of kloc, the architectural demands start to get stronger, and Django can become a bit hard to work with. If you have a shallow wide domain, then it's not really a problem; just stick to fat models with controllers, and everything is OK, you just add more models. But when your domain is deep, with layers of concepts, and lots of interaction between different subsets of models, you start to want to pull out an Application Layer to wrap your Domain Layer.
Tactically it also starts to be really hard to guarantee you're not doing O(N) queries, and I've found django-seal to be a great solution (seal a QuerySet after fetching so you can't accidentally do follow-up queries, forcing you to build everything into a single query with select_related/prefetch_related). However when you look at how complex the implementation of the *_related caching is, you start to wonder if a simpler, more flexible ORM like SQLAlchemy would serve you better.
I think "how many loc is your app" would be a helpful qualifier for these discussions, as I suspect lots of people waving the "I love Rails" flag are writing smaller apps, and the "I won't use Rails again" are working on 1m loc projects. Right tool for the job, both opinions can be valid at the same time when qualified with "... for apps of size ~X".