I've re read the series a few times, and my take on Lanfear is of a more tragic figure. Yes, she's power hungry, selfish, arrogant, and a hundred other things.
Seeing her story however makes me think. We have a wildly talented and intelligent lady, as powerful in saidar as a woman can be. She's passed over for a third name over and over. And becomes even more bitter, twisted, and hungry for the power she's denied. She becomes consumed by her rage and power hunger. Lews Therin becomes a stand in proper for everything she hungers for.
Even when she's offered redemption she can't see past who she hungers to be, to what she could be (something even greater than a world queen etc). I always found that sad, a tragic waste of her potential on an impossible standard of power. Thoughts?