It's actually pretty dang neat. For pressure noobs like me here is a quick fyi.
High - Clear Skies
Rising - Clearing or improving
Normal and Stable - Fair
Falling - Degrading
Slightly Lower - Usually Cloudy
Low - Rainy and Stormy
As a general guideline, think of 30 inHg (1016 millibar) as being a normal level. World records vary from a high pressure of 32.0 inHg in Siberia to 25.7 inHg during a typhoon (both readings are off the scale of most barometers). For the US, extreme levels can be considered as 30.5 inHg and 28.5 inHg.
Barometric pressure varies with altitude. A higher elevation will have less atmosphere above it which exerts less pressure. To keep readings standard across the world, barometric pressure is to be indicated at sea level. Therefore, readings at elevations other than at sea level will require a correction factor which is based on the elevation and the air temperature (colder air weighs more and will require a greater correction).