Raiden certainly isn't bad. He has very good damage, a strong corner game, some of the best corner carry in the game and great meter building.
That being said, his neutral game is ass, his overhead option is -63 on block, about 80% of his strings are very - on whiff, he gets low profiled very easily and has very few + frames to work with.
Raiden is just very, very mid tier. Because of his bad neutral he is pretty difficult to play and can get his momentum blown up fairly quickly. I still love him to death though and will main him forever unless Triborg turns out to be the coolest thing ever.