DBpedia is a project aiming to extract structured content from the information created in the Wikipedia project. It allows users to semantically query relationships and properties of Wikipedia resources, including links to other related datasets. For more information, please check this link:
DBPedia is not an information retrieval engine, but a structured database created by "extracting" information from Wikipedia. This database can be queried by using an SPARQL endpoint.
adding to the previous answers, DBpedia is a knowledge base (KB) which can be used for various applications such as structured question answering. One may also refer to it as a knowledge graph (it is debatable though). DBpedia can be queried using a variety of databases (know as triple stores or quad stores) by graph query language SPARQL via their endpoints (i.e. sparql endpoint -- such as http://dbpedia.org/sparql/ ).
I believe the limitations are generic to that of all crowd sourced knowledge bases, such as data quality, completeness and noisy data.