Nah not really, it got nerfed some time ago.
Also chain lightning w/o lightning storm is rather pointless
Full madness is pretty ok though, best pvp spec atleast but sorc/sage isn't that good in arena at this point.
Regular warzones you'll be fine though even in lightning.
lately I did pvp with full madness, which is much much better for 1on1 situations, hybrid is incredibly fun for group pvp situations
full madness is also the spec that does most damage on single target operation boss fights, the downside is that you are out of mana very very fast.
so probably full lightning is the best choice for operations, but its dps is only slightly higher than my hybrid operation spec and full lightning doesnt allow for much movement, while hybrid is very movement friendly. so I still play hybrid in operations and sometimes madness, because many of the fights need a lot or even constant movement.
I haven't played in a while and was thinking about giving it ago, the hybrid to me was always superior in PvP group play:
1) Overlaod -thats the AE knock back right?- root is massive..just massive and plays havoc against those melee that can really hurt
2) no Force issue means I can dramatically increase my utility without worrying about mana
3) 1v1 is not objective based PvP and when faced with a tough team fights last minutes...full madness is dry then
4) hybrid mobility is unmatched
No one I know played hybrid but every one I played with always wanted me to join there team after!