Awesomeness! I have to say this is my best piece yet. I drew the lines all in Illustrator CS5 (a miracle of a program, I must say) with only a mouse (I'll have a tablet some day...!) and I colored and shaded in Photoshop.
As for the character himself, he's a Raichu from a specific story I'm currently planning out, specifically Book 2 of the series. If I ever do write it out and post it, you won't be seeing this guy for a little while, but when he does appear, you'll be seeing him a lot.
As for the technique he's doing, I call it the Lightning Blade. It's a variation of Volt Tackle, where instead of forming a layer of electricity around your entire body, you simply focus it around your arm, and wield it like a blade. As with Volt Tackle, novice users can injure themselves quite easily, but with practice you can learn to use the technique without hurting yourself. (I wish I could draw lightning better...)
EDIT: I've been in the mood for editing a few of my older pics lately, and this time I decided to change up a few things, specifically around Raichu's head and face. I think it's a heck of a lot better than before, what do you think?