Pros

You do lots of damage early game and and lots more mid - late game.

- You tear through MR.
- You tear through tanks that build mass health / armor.
- Picking up some extra gold at camps early game is easy.
- You're not very gankable since you can slow with Glitterlance and run away or turn your enemy into a fur ball with Whimsy.

Easy getaway with your Glitterlance, Whimsy and Help, Pix!
There are various builds you can go in this one build.
Even if you're not building support items and don't have support runes / masteries you can still easily support with all four of your abilities.

Cons

Unless you go the tank build you will be kinda squishy.
If you're trying to run but get silenced before you can cast your Whimsy you wont be able to escape.

Recommended Summoner Spells


I highly recommend Flash to always be one of your Summoner Spells paired with any of the others that are listed below that are alternatives for Flash.


Ignite can be very useful to get kills and is especially useful in team fights so you can kill more the of the enemy team which will allow you push easier. Since Ignite does have a A-hole of a cooldown use this spell very carefully and only ignite enemies when you are certain they won't use Heal, Triumphant Roar, Astral Blessing, Wish, Meditate, Remove Scurvy, Aria of Perseverance, Consume, Imbue, Primal Surge, Heavenly Wave, Divine Blessing, Monsoon, Chronoshift, Health Potion(s), and all the other heals chapmions have that I am far too lazy to list :x.


Ghost can be a great alternative to Flash, the only downside is you'll be limited to the terrain of the map and won't be able to flash over walls. This is best use to pick up kills or run away with.


Exhaust can be very effective if used correctly, its great to use it to slow down enemies so you and or your allies can get away safely and easily. This is also great for picking up fast kills early game since it slows and reduces their attack damage, ability damage and item damage.


Teleport can be very useful to get to a place quickly and is also a great escape technique. Teleport can also be fairly useful if you teleport onto a mushroom or ward behind the enemies and help out in a fight or set up a gank.


Clairvoyance can be a very useful for checking baron, dragon, red & blue, and most importantly ganks. Even though this spell has a fairly short cooldown I wouldn't highly recommend spamming it will nilly and only use it when you REALLY need it.


Clarity can and cannot be very useful. What I mean by this is it can be very useful when trying to support i.e you run out of mana and you need to use your Glitterlance to slow down enemies or your Whimsy and or Help, Pix! to assist a teammate or help yourself get away or your Wild Growth to save an ally or yourself you can pop your Clarity and have the extra mana to help out or escape.


As Seiryuu said in a comment and I quote; Lulu, despite being a support-ish character, doesn't have any healing abilities. Since Lulu doesn't have any heal spells, unless you consider her shield a heal because of the damage absorption she gives Heal is actually a great choice for Lulu. Though Heal may sound as straight forward as Clarity it has to be used at the correct times just the same has it's manna giving relative. If you want to to Heal to the fullest don't use it when you aren't 100% sure you or you teammate(s) will die, wait until a very helpful moment to use it. These helpful moments include, team fights, heal baits, surviving a gank, healing after baron / dragon.