I have been playing for a couple of days with Django Admin to explore it, but I am still clueless of how it can be customized in the way we need.
Every time I look
Django Admin is easy to customize if your requirements match what is customizable in Django. If you need fancy features that are not out-of-the-box functionality you either need to find a plugin that does it, or implement it yourself by subclassing the appropriate classes. Which can be difficult, and requires good understanding of the internals of Django.
So in summary: it makes it easier to setup an admin, but if you need anything special that's not out of the box: you got a steep learning curve.
Depending on your requirements you can choose to use django or not. Anything that requires a lot of functional speccing is better of implemented manually.