Rails is still a good web framework within its limits. If you want to build a small, modest complexity web app with like 1 or 2 developers and under maybe 6 months of active development, modest traffic needs, etc, it's a good way to get everything up and running fast with best-practices for everything.
The lack of types may start to pinch some once you get an order of magnitude more developer-months into the app than that. Lack of overall speed, threading issues, and memory usage may be an issue once you get a few orders of magnitude more traffic. But while you're within those limits, I think you'll get features out on it faster than any other language or framework.
As they say, a lot more startups have died due to not being able to iterate fast enough in the early stages than from their traffic capacity, hosting efficiency, and bug count once they get into serious growth.