Early game is half decent having Berserker's Greaves, Phage and the Razor. Farming creep is a cinch and the slow will help on top of Lulu's abilities making it extremely hard for enemy champs to get away or get back to their turret.

By mid game I shoot to finish Wit's End and the Frozen Mallet both of those items are great for obvious reasons. Around mid to late game if you can finish the Madred's then your golden for late game and by this time playing a annoying new champ like this by this time you are probably being focused prety hard. I have had to buy some defensive items like Thornmail or Banshees Veil late game a couple times just for the sustain in ranked games today.

Passive''
Pix, Faerie Companion - Pix fires a barrage of 3 bolts, dealing 3 + (2 × level) magic damage each, at whomever Lulu attacks. These bolts are homing but can be blocked by other units.

Q''
Glitterlance - Lulu and Pix each fire a piercing bolt dealing magic damage, slowing enemies hit by 80% for a short duration. An enemy can only be damaged by one bolt.

W''
Whimsy - On ally cast: Target ally gains 35% movement speed and bonus ability power for 5 seconds.
On enemy cast: Polymorphs an enemy champion for a short duration, disabling their ability to attack or cast spells and reducing their base movement speed by 60.

E''
Help, Pix! - On ally cast: Commands Pix to jump to an ally and then follow and aid their attacks instead of Lulu's for 6 seconds. Upon arrival, Pix shields them for 6 seconds.
On enemy cast: Pix deals magic damage to target enemy unit. Pix then follows and grants vision of them for 6 seconds.

R''
Wild Growth - Lulu enlarges her ally, knocking enemies away from them. For 7 seconds, her ally gains bonus health and slows nearby enemies for 1 second.

My skill sequence is not exact but I think anyone that plays LOL will get the idea, I get one point in my Q for the slow at level one, then my W for some more CC at level 2 for a kill hopefully in my lane and at level 3 I go for one point in my E for more damage.

After that's said and done I max my W first followed by my E with the obvious points going in to my ult when ever I can take it.

I have noticed that the E ability if casted on something up closer by an enemy can give you great range with the Q ability, EG: When chasing somebody and ghost/exhaust are down. Toss E on a enemy or friendly minion or champion and then use the extended range from the passive to get your Q shoot out further.

This is only my style of playing the new champ, I am having a hell of a lot of fun with this. Lulu's ganking abilities are off the chart with this setup and she can also be a great Jungler if you start with a Lantern and go more of a Phantom dancer/B-Thirster route as well.

I have also played around with a couple AP builds such as 9/0/21/ masteries with Mag pen/AP runes. I dont like how her abilities scale with the ap ratios, I dont think she is a very good AP Carry so as a Carry I like to play her as AD not AP.

She also does make an insane buffer if you go a tanky route and stack all the good auras.