I had one when I worked at a LHS. It was one of the first ones to come out... You literally have to go over it with a fine tooth comb, as with any RTR.
Problems I had with mine;
diff shredded, due to lack of shims and oil
rear diff was backwards
engine sounded like duck flatulence
It took a few weeks to get those problems correct. Then, a fellow racer helped me find replacement gears. The inner diff gears are the same exact things as the Kyosho Inferno 6 gears. KYOBS036 and KYOBS037, if memory serves right.
Next was the duck sound; a different exhaust header solved the problem. Coupled with a better pipe, and it really brought the B01 to life. The Storm now comes with a B03, which, from what I've read about it, has a lot more torque and top end.
As for the backwards diff; just roll the rear tires, and watch the fronts; they should spin in the same direction. If not, it's fairly easy to correct it.
A good starting setup is 40wt oil all the way around, stock springs, and 7,000 front, 7,000 center, and 1,000 rear. It'll really hook up, especially on those stock diamond treads (been thinkin about a set for the mugen... They are deceptively good tires).
Now, as for weak points; shock towers have to be replaced ASAP. Mine bent in one jump. GS also makes a set that are option-parts for the Pro; if you can track 'em down, they're great. Center braces are the next to go; get the front, rear, and rear bulkhead braces. Also, get the metal lower arm mounts, and hingepin braces.
Those parts alone should take care of 99% of the weak points. I've also found that the teeth on the clutchbell wear pretty fast, too. About the only thing you can do is replace with an Ofna bell. It's a direct fit. Also, keep an eye on the clutch bearings. They tend to wear out fast. If you take them out, and put a drop of oil on them after every bash-day (roughly 12 runs or so), they should last a long time.
Aftermarket rims; Ofna 17mm rims are a direct fit; they even widen the stance a little bit, giving more stability.
Lastly, the pullstart on the engine will break if you don't pre-heat the engine before trying to start it. Use a good hairdryer, or preferably, a heat gun, to get the engine up to heat before starting, apply starter, and give it about 5-7 tugs. It should fire right up and run like a top.
Hope that helps! If you have any problems, please feel free to come back and post on here. Someone will be more-than-glad to help you out.