The lasting lightning by Wall of Storms will not cause damage to you or your allies. However, it will hurt them if you cast the spell directly at them. It's only approximately equivalent to the novice Sparks spell though, so not too dangerous.
You can surround yourself in lightning and stand in the middle of them while enemies will take damage within melee range, or paint a line of lightning directly between you and your enemies - they're not smart enough to go around it, and it will soften them up before they get close, or possibly even kill them if you have the Disintegrate perk.
Unlike the equivalent Wall of Flames and Wall of Frost spells, the lightning from Wall of Storms is created instantly, instead of from slower projectiles. This spell also has a longer effective range, so you can create walls further away from yourself.
Like most Lightning spells, it can be used to set off Runes from a safe distance.
A maximum of 10 'segments' of wall can be placed at a given time. Placing additional segments of wall will cause previously placed segments to disappear. However, each type of wall spell maintains this count independently.