That camera looks like it has all the features you would need, but a lot comes down to how it works for you.
One annoying element to some digital cameras is the "lag" between the time you press the button and when the picture occurs. This is often due to Autofocus or other automated features that you can turn off, but not always. Check out the camera for real if you can, and compare to others. The website mentioned above is also an excellent place to research.
It mostly depends on your budget. Personally, I wouldn't purchase a digital camera that wasn't a digital SLR with interchangeable lenses. I'd buy a Canon Digital Rebel if I could, but those run significantly more than what you're looking at.
It also depends on your application. What are you trying to do with these photos? Blow them up to 20 inches and put them on the wall? Then forget this camera. Sell them? Forget this camera. However, if they're just for personal use and you don't really care whether or not you can enlarge them to gigantic sizes, then this camera might be a good match.
I noticed that the 35mm equivilant starting lense coverage is 38mm (it's a 38-300 coverage). When I shoot storms, I feel restricted by my 28mm lense, and that's a lot wider than yours. (As lenses get "wider", their number differences mean more. Thus, there isn't a huge difference between a 200mm lense and a 300mm lense, but the difference between, say, a 28mm lense and a 18mm lense is massive.) Most of the photos you see of storm structure are going to be taken with 18mm and down. What I'm trying to say is that while this camera zooms in really far, it doesn't pull back far enough for a lot of overall structure shots. Wide lenses are much more important than telephoto lenses when it comes to weather photography, IMO.
Mike P is right.. dp review is an excellent resource.. why?? well people like yourself some advanced users some amateur go there and make reviews on their cameras..
i just bought a 5 megapixel Sony W1.. For point and shoot mind you in my opinion is the best camera on the market.. Let me explain why..
5.1 megapixel, 2.5" screen.. i dont use the viewfinder with this baby.. 2.5 " kicks ass.. It uses AA batteries.. nothing proprietary.. I use Rayovac I C3 15 minute charger.. yes it really charges AA batts in 15 minutes..
These batteries believe it or not worked for me alllll 4th of july weekend with heavy use.. I cant say enough.. it even takes good quality video..
it uses memory stick pro media.. i bought a 512.. investment $130
196 photos at 5 megapixel.. (astounding) thing is You can delete pics on the fly so I rarely have many photos on there.. im moreso selective about what i keep..
Video at its highest res which is not bad at all is 6 minutes on a 512 meg stick..
Everyone that left feedback on this camera loved it.. thats why I invested.. I love it as well.. No remorse..
i left a review at DPreview that Mike P recommended.. you can read it there.. Sony W1 if i were to do it over.. id buy it again... Digital SLR is a whole other topic and will be my next purchase..
Ryan is correct and the Canon digital products on the market today are second to none.. Most photographers will have a back up like the W1 point and shoot.. So now i will concentrate on a digital SLR so my kit is complete.. for now within my budget i do have still photography capability...