First, I'd like to welcome you to the SFF/laptop forum.
The laptop, shown above, is a DTR laptop. It's quite powerful; the 3.2 ghz Pentium 4 is a very decent processor. The hard drive is also reasonably fast; it's a step up from the 4200rpm drives in most notebooks.
On the other hand, it's not likely to be terribly portable; with a weight of 8 lbs., you'll have a hard time transporting it. (I got fallen arches from carrying around my old laptop, so yes, things like that happen.) Although it advertises a battery life of two hours, I would be surprised if you managed to get more than one and a half, and it looks to be a "lap cooker" as well in that the bottom of the laptop will likely be quite warm. Also, it only has one slot for RAM, so you'll need to use slightly more expensive DIMMs. (I.E, a 2GB module instead of 2x 1GB module).
Although the display looks quite nice, the video is a bit lacking. The included Radeon 9000 GPU, which is not too zippy in its own right, appears to be running off of video memory-not a good thing. Expect less-than-wonderful gaming performance.
EDIT:
You cannot upgrade the video on this laptop, and upgrading the processor is very, very tricky.
On the other hand, upgrading the RAM is easy, and it's quite possible to upgrade the hard drive. The optical drive can also be upgraded, although it might be a bit tricky.