I don't use it as my primary editor, but I have worked with a few people who do; so... if you'll excuse a second-hand endorsement, yes it's possible :)
For basic syntax highlighting enter the command :syntax on or add syntax on to your ~/.vimrc file. I am sure you can customise with other colour schemes but haven't looked into it.
Where I suggest you start is looking into vim's extension system and configuration; and have a look at the capabilities of extensions (eg. have a look around http://vimawesome.com/). Then follow the tried and true tech learning method - learn a new vim trick every time you feel you need a feature; keep notes as you do it; and over time it just builds up.
All that said - I also think it's good to know your way around absolutely-stock, unmodified vim for those occasions you find yourself chucked into it on a fresh install or remote system.