It's somewhere in the middle.
It is intended to be a "full" framework to build full apps with, but obviously it's client-side only and not full-stack like Meteor. If you need a database, server<->client communication, etc, you'd have to pick your own libraries for that. It includes a basic (but currently quite limited) builder and if I'm not mistaken you can deploy to Famous Hub for free hosting.
(Some people are working on using Meteor server-side, dropping the Meteor client and using Famous Framework with a DDP connector. I don't personally like this route since it's a lot of work and of course, you lose out on half of Meteor and it's amazing isomorphic ecosystem).
Framework is also where you could potentially build components such as what you have in Bootstrap, Ionic, etc. I really hope that is the direction things will go, otherwise it's something we'll do in famous-views regardless. I've always felt what's really missing has been pre-made components to quickly assemble apps, and Framework is potentially where all this kind of stuff could happen - well - except right now it's just been launched in alpha and not much has been built with it yet.
I've been away and have only just started to look over everything, but my plan for famous-views is to be able to use Framework components (i.e. BEST components) directly in Meteor templates (like we do with FView.wrap(), etc) while ditching their build process etc which of course is not needed for Meteor.
If that all goes as plans, I'd expect I'd suggest building complicated all-famous components with BEST (which also means you'll get access to some of Famous' planned analysis and authoring tools) but then assemble things on an app level in Meteor / famous-views.
I'll post more when I have news.