You can do loads on it, only real limitation is when it gets properly rocky IME. Even then you can pick your way down, but it's not much fun. I go round Glentress on mine once in a while, usually up the black and down the red.
The main limitation for me is more the rigid frame rather than the cross geometry – I'm not used to riding rigid bikes. If you're happy on rigid MTBs then you can take the crosser anywhere within reason. There's no getting round the fact that good descents are usually much more fun on the MTB, though.
A ss cx bike makes no sense if you're thinking about taking it on serious trails IMHO. They do look nice, and are ok on more rolling hill type stuff – but the bigger gear sucks bad on even moderate off-road climbs that ss mtbs can handle.
ETA – you'd think you'd pick up loads of punctures on the rocks with the narrow tyres, but I've found it OK. Might just be on a lucky streak.