The MEAN Stack, which includes MongooseJS, is a popular tech stack for building modern web applications and APIs. It provides several advantages over other technologies, including declarative validation, automatic population of sub-document references, and built-in support for MongoDB's flexible schema. However, it also has some limitations, such as the inability to call functions attached to models through populated fields. To overcome these limitations, developers can use nested schemas or declare their models exactly once and pass them to routes as necessary. Additionally, MongooseJS can be used in conjunction with other tools like Nodeunit for unit testing and can save developers time by handling grunt work such as validation and object creation.