Rhino is used by students and professionals alike for a reason. It is really unparalleled in its usability, flexibility, interoperability and available support from the community.
Precision is perhaps not as high as some other products, such as AutoCAD and Inventor, but for someone in the Architecture industry those tolerances are acceptable because of the scale we work at - we aren't concerning ourselves with micrometers of accuracy.
If there is an issue, chances are others have had it as well. There is a robust community of Rhino users that can help with troubleshooting, as well as tons of forum content solving issues that you might encounter. There is also a lot of training material available.
Rhino is generally able to handle most eccentric file types that we might receive from consultants. We also use it for the majority of our conceptual design and presenation-level modeling.