I've played it. One of the leagues we played in held a lightning competition every year. I didn't really like it but it was fun in its way. Think I won it one year. David Bronstein was a friend of the person who organised it and sometimes used to stay at his house and play in a local otb tournament.
It was done with a tape or a cd with a buzzer every 10 secs.
Preamble: Lightning chess can be a game between two players where the thinking time is regulated either by a buzzer sounding every ten seconds or by using digital clocks set in >Bronstein= mode. 1 The time limit between moves shall be ten seconds.