Well, if Lily raised Harry, he might have had a stronger connection to his mother's magical abilities and a deeper understanding of love's power. Also, his relationships with other characters could have changed significantly.
Well, in this fanfiction scenario, Lily raising Harry would mean he'd be protected in a different way. Instead of the Dursleys' neglect, he'd have a nurturing environment. Lily could teach him about his father in a more personal way. Maybe he'd grow up with a stronger sense of family and heritage. Also, he might not have the same sort of scar - or it could be a mark of a different kind of magic, since the circumstances of his survival would be different.
The 'harry potter raised by lily and james fanfiction' would probably show a much different Harry Potter. He would be raised in a loving family environment, which would shape his character differently. His adventures at Hogwarts would be influenced by the values and magic he learned from his parents. For example, he could have a special connection to the Marauder's Map or Lily's potions skills. This would create a whole new set of stories and interactions within the wizarding world.
One possible main plot twist could be that Lily's magic, being different from the Dursleys', has a profound impact on Harry's early development. Maybe he starts showing advanced magical abilities much earlier because of Lily's nurturing and magical heritage. Another could be that the wizarding world has a different view of Harry since he was raised by a powerful witch like Lily, and they either fear or overly idolize him from the start.
He'd probably be more confident. Growing up with Lily, he'd have a strong female role model. He'd likely be more in touch with his emotions as Lily would encourage him to express himself. Also, his magical abilities might be more refined from an early age as Lily could start teaching him basic magic earlier than he learned in the original story.
His character would likely be more confident. Growing up with a loving mother like Lily, he wouldn't have the insecurities that came from the Dursleys' treatment.
In this fanfiction, Harry's upbringing by his parents would lead to a different Hogwarts journey. He may not be as eager to prove himself as he was in the original story because he already has a strong family support system. His role in the fight against Voldemort could also change. Instead of being the 'Chosen One' in a more solitary way, he could be part of a family - led resistance, with James and Lily having a major influence on the strategies and actions against the Dark Lord.
There could be. Fanfiction communities are full of creative ideas. Nagato has his own set of abilities and a complex backstory. If he were to raise Harry, it would likely change the trajectory of Harry's life in many ways. Maybe Harry would learn different forms of magic or have a different view on good and evil. However, it's also possible that no one has written this particular fanfiction yet. It all depends on the creativity and interests of the fanfiction writing community.
Another one is 'The New Path'. It takes the idea of Futa Harry and Lily and creates a whole new universe for them. The character development is excellent, and the way their relationship evolves is really engaging.