That's nearly it. Engadget's review of the Storm was also fairly unkind toward the keyboard. They wrote that you need to "hover" your finger over the correct letter, and then press down to actually type the letter. Engadget thought that it really hindered the ability to type quick emails and texts.
Here's their take:
"The slant from RIM's PR on the Storm is that the new clickable
touchscreen delivers another high caliber typist's dream to their
roster -- but that couldn't be further from the truth. Rather than the
click making things easier, it actually makes them more difficult. As
you press down to engage a "key," you're required to release before
moving to another, which means that you can only type so quickly. In
our tests, we were constantly frustrated by the staggering, laggy
movement when trying to type with any speed. You have to let the click
depress before you can strike another character, and that makes for a
stuttery input process. Additionally, hovering over characters is
represented by a blue glow, which looks nice when moving around, but in
practice doesn't do a very good job of letting you know what key you're
touching. We had spelling errors aplenty. All of this would be helped
greatly by an intelligent software component that guessed what you
meant to type -- much like the iPhone's predictive element.
Unfortunately, what RIM provides is more of a glorified T9, which means
if you type "fo," it doesn't know you meant to type "do." Ultimately we
found ourselves slowly and carefully pecking out messages that should
have taken less time to put together, clicking screen or not."