Well, building your own CMS actually implies that it is not an enterprise-level product. What this means is that you will not be able to actually implement all features that make CMS users happy. Not even most features. I want to clarify that by CMS I actually mean a platform for creating web applications or web sites, not a blogging platform or a scaled-down version. From personal experience I can tell you the things I want most in a CMS.
1. Extensible - provide a clean and robust API so that a programmer can do most things through code, instead of using the UI
2. Easy page creation and editing - use templates, have several URLs for a single page, provide options for URL rewriting
3. Make it component-based. Allow users to add custom functionality. Make it easy for someone to add his code to do something
4. Make it SEO-friendly. This includes metadata, again URL rewriting, good sitemap, etc.
Now there are these enterprise features that I also like, but i doubt you'll have the desire to dive into their implementation from the beginning. They include workflow (an approval process for content-creation, customizable), Built-in modules for common functionality (blogs, e-commerce, news), ability to write own modules, permissions for different users, built-in syndication, etc.
After all I speak from a developer's point of view and my opinion might not be mainstream, so you have to decide on your own in the end. Just as ahockley said - you have to know why you need to build your own CMS.