I am not a fan of the effect. I'm with Nook in regards to seizures, not relaxing at all imo. Tried it once and that was enough for me.
In regards to storms, I would think rough water stirring things up would be better for the tank than lighting. Once again just my opinion.
One effect that "may" provide some benefit is moonlight, but then again perhaps it is just the tidal pull of the moon that interacts with sea life. If moonlight doesn't help, at least it is soothing.