I suppose you can consider a CMS as any other kind of web application ; only thing is there are lots of functionalities that are both required, and/or expected by users.
A few of those which come to mind :
- authentication / access control
- to the application, of course
- but also to every kind of data
- and even, maybe, each field of each type of content
- a bit of ergonomy -- especially if targeting not technical users.
- dealing with media (photos, videos, music, flash content, ...) ; both upload, linking, and consultation
- if designing a CMS that's not oriented toward a specific website, you have to create something generic, that can work even in cases you didn't think about
- extensibility : you will create the core of your CMS ; but users will most likely want to add some additional functionalities
- which requires a nice extension/plugin system
- internationalization / localization
Well, that's just a really short list, actually ; and there are probably lots of other ideas that could come to mind...
So, yeah, a CMS is a web application -- but it has to be generic, if you want it to work for more than just one (kind of) website.