There are still better red spells out there like Magma jet, Bonfire of the Damned, Red sun's zenith, Anger the gods. But NOTHING beats Lightning bolt as a spell. But seriously though, if wizards reprinted Lightning bolt, all hell breaks loose in standard.
It's because it costs 0. Imagine if you're at 7 poison counters and tapped out, being attacked with a 3/2 infect. You're not gonna care about paying the cost later, because you're about to die right now. Have you seen the Pact cycle from Future Sight?