Lightning is generated by high frequency vibrations of the users chakra.
Lighting is strong against Doton. That is because it can easily travel through the ground and break it apart. As Sasuke has shown us through his fight with Deidara, it can also react with C(1,2,3,4) bombs in such a way that it cancels it out completely, rendering it useless. It can also be used in combination with Suiton to increase the power of the Raiton based attack, or vice versa. Raiton, although good against Doton and with or against Suiton, is weak against Futon due to wind being a natural insulator of electricity.
Also, as Sasuke Uchiha demonstrated, using natural lighting via storm clouds created by natural means or the heating up of the atmosphere via Katon, lighting can be tamed and used to the user's advantage if skilled enough.
There is also an advanced form known only to some Kumo ninja such as Darui known as Black Lightning. That being said, Raiton is very common among the members of Kumo compared to the other villages.
Lightning is a good idea if you're looking for piercing damage.
Some known users are Kakashi, Sasuke, Darui, and Ay.
KG that Raiton is a part of is Storm Release.