I've been doing lightning/electrical effects for the past few months. :) Mostly we needed pretty busy masses of electricity and lightning, so this is probably overkill but I might as well share what I can...
We needed a whole suite of lightning tools, for multiple shots on multiple commercials. In general we did a few different things - most of the lightning stuff is strands, either l-system or (slower but better looking) DLA structures. For most shots I used a (much more advanced ) version of the DLA compound I made a year or so back, with the general structure generated and then frozen, and then turbulized while transparencies are run up and down the strands in the system...
"Crawling" electricity tends to run down the length of the electrical trail as opposed to the trail moving laterally, although often the tip will move along sharp edges etc. A few layers of turbulence on the strands is necessary even when when you see the electrical effect for just a few frames, even larger scale lightning bolts.
Our results are definitely superior to, say, the maya paint/fx plugins or 2d lightning effects like sapphire (both of which are l-system type approaches.)
For a single point-to-point electrical effect, you can get a really nice look very quickly by simply turbulizing a strand (or a curve). The trick there is to use several layers of turbulence at different frequencies, and to clamp the turbulence so that you get a sharper, more stacatto movement as opposed to the jello-y soft feel you get from turbulence functions out-of-box.
We've found that while sapphire 2d lightning in the hands of a flame artist can look great, 3d electrical effects are often worth the extra effort - you percieve the parallax, and you can use the 3d information to cast light on surfaces, reflect, scar surfaces, make sparks and so on. Half of the realism comes from seating the effect in your scene with extra details like cast light from the electricity.
Cheers,
AM