The 3, 3, 4 combo is not that safe. You can't just sit there and do 3, 3, 4, 3, 3, 4, 3, 3, 4... ad infinitum on a blocking opponent. I've been punished plenty on it. I am pretty sure you can do d+1 after 3, 3, 4 with every character.
Please stop complaining about Raiden, he was already nerfed. How about you learn how to fight him first?! Electric Fly is very punishable on block by full combo by most characters. Example: Sub-Zero can do 2, 2, Ice Ball and go for a full combo from there. I am not a Scorpion player but I believe he can do a Spear after blocked Electric Fly or his overhead and then go for a full combo, etc.
As for Electric Fly on Wake-Up, geeze man, quit the whining, seriously. That's what Wake-Up is for, to get you out of a tight situation. Guess what, if I am facing an Ermac and knock him down and try to pressure he can TKS on wake-up and guess what, a full combo follows. Johny Cage can do Shadow Kick or the uppercut special move on wake-up, Reptile can do his elbow dash move, etc. Most characters have an "annoying" move on Wake-Up. Are you going to demand they all be nerfed? I get punished off of blocked Electric Fly on wake-up constantly. Just learn to anticipate and block.
As an example, here is one of my strategies with Raiden. The first time I get knocked down I do Electric Fly on wake-up. If the opponent doesn't block and punish the next time I do it again. Rinse and repeat. If he does block and punish, the next time I get knocked down I (*gasp*, I know, it took all of 1 brain cell to figure that one out) don't do Electric Fly, instead I do Teleport on wake-up for some mind games.
Final words, is Raiden S tier? Yes, he is. So are other characters. Is he overpowered? No, he is not. He was nerfed enough already.
Update: I apologize for my surly tone above, it was early in the morning and I hadn't had breakfast (lol, true story). But my point still stands.
In addition, to whoever complained about Raiden's teleport, dude seriously, you need to go back in Practice mode with your character. Teleport is punishable. Example, if you play Sub-Zero you can do 2, 2, Ice Ball + full combo on reaction. I know because Wu-Renegade did it to me many times. Another thing you can do is as soon as you see Raiden teleport do cross-over jump and start a combo of your choice. He can block it but the point is you just negated his Teleport mind game. If he anticipates this all he can do is jump back and kick + Air Electric Fly, but that doesn't lead to a combo (well, he could also do uppercut, but still...).