Um... err.... well there's some disagreement about that among admins.
Sendmail is not fast (but it's not slow).... it's not simple (but it's very powerful).... It just works (assuming you understand it's language)
The other competitors in open source SMTP servers are qmail and postfix. Qmail is fast and a pain in the ass. Postfix is slow (relatively) and easy to work with.
But sendmail can be secured against spam and viruses very well.... scanning for their presence on the fly (these features cost nothing). And since sendmail is *everywhere* almost all the outboard software you would use can talk to it.
So in a sense it is a "gold standard". It's been around since 1993. And more importantly... it can be configured into a pretzel if needed.