I'm a big fan of Icecream's Raikou, though it's false that it 2HKOes the entire tier, exceptions including Meloetta, Cresselia, RestTalk Snorlax, and Escavalier.
Lately I've used:
Raikou @ Magnet
Ability: Pressure
EVs: 4 HP / 252 SpA / 252 Spe Timid
-Thunderbolt
-Volt Switch
-Hidden Power Ice / Hidden Power Grass
-Calm Mind
Volt Switch seems like a terrible idea with Calm Mind, but actually works quite well. It lets Raikou wear down non-Ground type checks and counters with Volt Switch, even switching to a Fighting-type to force counters (e.g. Snorlax, Umbreon, Meloetta, P2) out. At the same time, it bluffs a choice set, catching most opponents off-guard with Calm Mind when it does set it up. Of course, this set still has its problems. It doesn't get a ton of coverage, forcing you to always be walled by quite a few Ground-types.
CMRoar with Spikes support is a pretty awesome idea for a Raikou as well but I've tried making teams based around it and haven't come up with anything really strong yet.