I own a 2004 Liberty Rocky Mountain edition. I must say in it's stock form I'd agree it can't do much, but I've put a decent amount of money in mine and it performs what I want it to do flawlessly.
Great traction thanks to ARB front & rear air lockers, Skyjacker lift and 245 tires. It will never be the extreme rock crawler like Rubicons or old CJ's but I've taken mine places where quite a few Wranglers couldn't go.