"Now we think that Lava Burst is doing appropriate damage for its cost and if anything Lightning Bolt and Chain Lightning are a little too good. (Remember they benefit from Curse of the Elements and similar spells now.) However, nerfing lightning would make it harder to level as well as making 3.0.2 kind of brutal for Elemental shamans, since Lava Burst is level 75. Hurting lightning would feel like a flat out nerf, and even though you'd partially make up for it at higher level, overall we think this would feel, um, yucky. So no big changes to lightning spells."

http://www.mmo-champion.com/index.php?topic=19788.0

To me, this sounds like lightning bolt is working as intended atm. I havent had a chance to test it myself yet, as my wotlk client is still patching. Any of the active beta users have any feedback on how well LB is wokring atm? Does it feel weaker than usual? Or isn't the coeff nerf all that noticable*?