Shiplap is pretty common for sheds, better than overlap. If it's of decent thickness than it's as good as anything. It won't be as thick as that shown in the picture, mind. The tongue/groove sheds I've seen use pretty thin material usually.
The biggest problem usually is the absence of diagonal bracing, they tend to rely on the nailed boards to provide stability, which of course they don't. Then the shed ends up feeling like a cardboard box, all wibbly.
The base the shed stands on is as important as anything, plenty of supports for the floor bearers and a decent airgap for ventilation to avoid rot. Block pavers are ideal (cheaper than engineering bricks).