I think Raikou remains a top tier Pokemon in all aspects. The best legendaries article which includes future proofing says about as much.
If electivire or magnezone get too close due to getting ideal movesets, Raikou will still generally be superior, but not worth the Investment of taking from level 15 (or even 25) with rare candies and Stardust, versus taking a weather boosted magnemite or electabuzz from level 30+ with common candies.
If you've already started powering a Raikou and got use out of it already, it will remain a great investment because of the past use and still being top tier for at least all of Gen 4. If you haven't started one yet though, there's no reason to start now (at least wait to see how good the gen 4 electrics are).
Also noting that as a generalist, I think Exeggutor is probably the best Machamp blocker atm (psychic moves and resisting fighting), and Raikou is also resisted due to grass typing. So as a generalist he may be a bit overrated, but I guess it depends on your gym meta. After the normal tanks, Exeggutor is one of the next most common in gyms here for that reason (although wailord and milotic feature prominently too).