Lightning bolt is a great card there is no doubt about that, but it is not simply because it is inexpensive. Three damage is an important point in the point because it expands out the range of creatures it can kill considerably and if you are willing to use two it lets you kill nearly every creature that you are likely to see in the game. That is why cards like incinerate which cost more are almost as popular. But what about a red spell that allowed you to pay considerably more but use it every turn?
Thunderblade Charge is a rare sorcery from the future sight expansion set of magic the gathering. It costs two red and one colorless to play and lets you do three damage to a creature or player, nothing exciting except that it has more rules text. This rules text reads "Whenever one or more creatures you control deal combat damage to a player, if Thunderblade Charge is in your graveyard, you may pay two colorless mana and three red mana. If you do, you may cast it without paying its mana cost."
Five mana for a lightning bolt is not something you would typically consider but for being able to play a lightning bolt every turn it is worth the possibility. Especially if you can use it to kill the creatures that your opponent is blocking with allowing you to more easily use it the next turn. This can lead to a considerably card advantage but even if all you are doing is three extra damage to your opponent you have the option of not casting it but instead casting a five mana creature if you prefer.
In limited this card becomes a bit more difficult to use as it is common for creature stalemates to occur, but on the other hand this can help break those since it makes more sense to attack with several creatures which could die if you know that you can kill one of your opponent's creatures with this spell because of it. And creature removal is always very important. You are also more likely to have longer games with more attacks in limited as well as more mana that you have nothing to do with and all of these help the card thunderblade charge considerably.
Thinking long term is not the strong point of red cards so when you see one that does it is useful to consider its use and if you can fit it into your deck at least try it out.