The stdlib that ships with the compiler is indeed minimal, though it is used for things other than the compiler. It can be used for other projects, but you probably want something more full-featured. Core, and the more minimal and portable Core_kernel (https://github.com/janestreet/core_kernel) is a full-featured alternative that is growing in popularity, and is what the book I worked on (Real World OCaml, http://realworldocaml.org) is based on.
OCaml (and most of both the stdlib and Core) default to immutable data structures, but OCaml has good support for programming imperatively, to its credit, in my view.