Although this is the format used on television in
Japan (as well as here in
Korea), there are many different variations of lightning
Go. A version popular among the
speed demon players on the
IGS Internet server is to play with 1 minute to start, then go into 1 minute
Canadian overtime byo-yomi, whereby each player, after exhausting his initial minute, has one minute for each additional 25 moves.
I've even heard of people playing with just 10 minutes on a chess clock with no byo-yomi at all. I've never personally seen a game like that, but the games must be ridiculous, with blunders abounding on both sides.
As VAG mentions in his writeup, players will sometimes play the strangest, most ambiguous moves they can find, in order to force the opponent to waste some time answering. This is sometimes called the "time-stealing tesuji," a pun on the "eye-stealing tesuji."
Players sometimes play as if they are playing lightning Go, even when a more relaxing time limit is being used. It's a form two-pronged psychological warfare. Firstly, playing quickly gives the impression of confidence. If you're playing against an opponent who already fears you, playing quickly and slamming your stones down forcefully can trick the other player into playing too submissively, defending against moves he should ignore. Secondly, it brings a false sense of urgency to the game. If you're playing quickly, your opponent will feel a subconcious urge to do the same, and will be more likely to blunder. So, if your opponent starts playing quickly, beware: it may be that he's playing small moves that you shouldn't answer, or it may be that he's made a mistake and is hoping that you won't notice. Remember that it's the clock timing you, not your opponent, so take some time to study the goban before playing. Now, if only I could take my own advice...