@Daniel FSome more thoughts about the subject...
When thinking about it a little more, the current state of Commerce suits mainly the sale of digital goods such as memberships, software, advertisements etc...Selling such items does typically not require detailed product descriptions. Also the need to describe the "main product characteristics" on the order review page, as required for example in Europe/Germany, is not so much of an issue as the title itself describes the items already pretty well. E.g. "Ad banner space 628x90, 6 months" or "Membership Upgrade, add-free".
Additional product fields, delivery times and availability are less of an issue when it comes to sell digital items. They are typically always on stock and available immediately.
However, when selling physical goods, Commerce lacks some some essential features to make it an option when using in Europe. Countries like Germany have something called "cease and desist letter industry. E.g. sellers resp. stores not compliant with regulations, may get such letters from lawyers. A costly exercise as sellers are forced to pay from a few hundred Euros up to several thousand. So the risk to get involved into such a case is relatively high compared to areas outside EU.
Although the above cease and desist letter industry is annoying, the ecommerce regulations itself have also a positive side. The rules itself usually make sense and help to make the store more transparent, user friendly and safe to shop. This again should also increase the sale of items.
Now that Commerce allows to sell physical goods too, it would be very useful to make it more compliant with such standards. It would not only benefit/protect admins in EU countries but also benefit others around the world as their Commerce store would reach a better standard in terms of transparency, usability etc...