If compared to industry standards like AutoCAD then yes, Rhino is still limited, although it's much better now than even a year or two ago. Although my parts are pretty much all fabricated from solid models, I do create 2D drawings for the machine shop's reference.Orion, is Rhino still as weak as it used to be on the 2D drafting side?
Are you taking (or could you take) any classes? Don't overlook the "student discount" packages. That's how I got Rhino for $195 (faq here: Rhinoceros - Educational Products). They aren't terribly picky about the type of class since in my case it was a programming class that got the discount for me and it is a fully functional version with no limitations. If you don't go with Rhino, you may need to be careful about the terms and conditions. I have seen some programming software in a "student package" that, while substantially cheaper, was crippled so that it would uninstall itself after a certain number of months.Most mid level professional level CAD packages are in the $3500-5000 range (except Rhino which is $995), but there really aren't any good lower cost full featured 3D modelers.