It seems like there's two features missing to make good caverns.
- The ability to designate areas as "underground" so that sunlight skips them. This will also be required for multi-level maps so this may be in the works.
- The ability to use the AI object placement without walls and floor tiles. If you're making a cave you want natural walls, but you might still want to designate different sections as rooms. Right now you can create a room and then delete the walls, but there are no transparent floor tiles to allow the ground texture to be the floor.