One question about the releases when the final version is released:
Will there be a 7.0 light edition?
I have no inside information whatever, so this is a pure guess based on what has happened in the past.
VectorLinux Light is a separate release and is not just a slimmed down VL Standard. My guess is that once VL7 Standard goes Gold, testing will start on VL7 Light.
I use VL6 Light on two underpowered computers. One is the Dell laptop I use every day (2.4 GHz Celeron, 1 gig RAM, Intel Brookdale onboard graphics that VL hates), the other is a laptop used as a desktop because the backlight has burned out and I attach a monitor to it (Toshiba Mobile Celeron 2 GHz, 512 megs RAM, onboard Intel graphics). I do hope we have a VL7 Light. As you say, VL6 Light is showing its age.
I don't believe you that VL Light runs fast on a 350 MHz computer.
I've been through that with slower computers. I found it unbearable on a 500 MHz Celeron and finally gave that computer away. The two laptops I mentioned above are okay for daily use but they are not fast and they can't do streaming video worth anything. They play music fine and I can watch DVDs and local video, but a TV show or Flash streamed over the Internet is awful. I suppose some of it is in the eye of the beholder.