Demian Turner has passed along an "indepth and informative" comment from the PHP London mailing list he saw about WordPress involving some of the things that suck about it.
We did http://ftalphaville.ft.com using Wordpress, and speaking as someone who's actually had to wade through pretty much the whole codebase, let me tell you it seriously sucks.
Their highlights include messing with the raw POST data to limit access, function calls chained eight long and comments like "This probably isn't needed anymore" all over the place.