I'm not saying Lightning Storm is broke, but man that move sure seems to offer a lot of utility. Maybe I'm not totally understanding, but l think of it like this:
You basically gain a roughly 15-18 frame mid projectile that pushes Raiden back and lets him maintain space to harass the opponent. You gain an overhead with great range that's -4 on block (-1 on block if it crosses up) that can stuff wakeups. If Raiden uses the Amp attack it starts up in 6 frames and on hit combos into the Overhead or projectile. Raiden can use moves like B1, F4, or F2 cancelled into Lighting Strom - AMP- Overhead for essentially safe pressure at the cost of a bar, and if it hits you get around 15%-18% damage.
So if you're playing TW, you could basically give up Teleport, but in return gain better zoning, better wakeup pressure, safe pressure, and then you could also throw in a move like Rolling Thunder for some DOT, or Lighting Rod for some chip/possible setups, or quick charge for some discharge or corner restand potential.
Same thing for Raijin, you could give up Electric Burst, but gain the projectile, wakeup pressure, and safe pressure.
Again, not saying Lighting Storm is some OP game changer, but I could see it being a solid option to mix into some variations.