Yes, it's all there.
But an appserver is far more than just an implementation of some APIs.
You need things like loadballancing, stability, scalability, performance etc. etc.
The reference implementation is just that, an implementation for testing standards compliance (if it works on that it SHOULD work on any server that implements the full standard correctly).
It's not designed to be a production level server and Sun doesn't claim it is.
It might be good enough for a small personal website, but if you plan a large site better look for the likes of Orion/Oracle app server, Borland Appserver, Novel Extends (SilverStream), WebLogic or WebSphere.
The reference server just doesn't scale well to a production environment.