Not as light as before, and IceWM only.
The previous version was hand built, with shameless hacks to the text installer and liberties taken with respect to system configuration. This allowed you to install it on low end computers, but also created confusion and inconsistencies. This time the aim is compatibility with Standard, using the same installer and automated build system.
A better name might be just "IceWM Edition", but since Light is already established, we'll go with that. Target audience is previous IceWM users, and those who want full manual control over their UI.