Question

Doesn't that draw in electric type moves that are super effective.

Answer 1

Lightningrod gives Pokémon immunity to all Electric-type attacks and raises the Pokémon's Special Attack by one stage whenever they are hit by one.
http://bulbapedia.bulbagarden.net/wiki/Lightning_Rod#Generation_V
And that is very as it protects it from Electric-type Attacks leaving it with only one weakness

Comments

Oh that isn't what it did in gen IV

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It's true - it have changed into an awesome ability!

Answer 2

I like apple pie :-)
I don't actually know!!
it isn't particularly strong so its not to give it a bad point.

maybe its so it can be paired with something weak to electric in a double battle as a support pokemon

hope I helped!! :-)