The first feature I liked from Ms. List when I started using it, is that it doesn't require as much data as MS Project web to start seeing results. Automating columns is another great feature and being able to publish the list as a page in SharePoint same as MS. Project is great, basically if you don't need a Gantt chart or tools related to formulas or baselines, MS List is less complex it allows you to make progress faster. 

In my experience, from a PMP point of view I see MS Lists as a tool to track your portfolio at a high level.  And I use MS Project or Jira on a daily basis using its features to the fullest with all the granularity and also as a container in which we are adding all the details, notes and progress as much as possible.