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.
The best feature in my opinion is the link with Power tools so you can create forms online and use Lists as a database repository. And my fav feature is that you can create reports just clicking on the menu Power BI, which to me is one of the best MS Office 365 App from the whole Office 365 family.
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