There's nothing wrong with light beer. It just means it has less calories than regular beer, that's all. The alcohol & taste content remains the same.
Dear "Two Beer" E.E.E. ;),
Light beer = less alcohol content.
"In fairness, ice beers aren't that much more alcoholic than the regular stuff--typically 5.6 percent, about the same as malt liquor, versus 5 percent. Some aren't higher at all. Anheuser-Busch doesn't filter out the ice crystals, so its Budweiser Ice Draft has the same alcohol content as regular Bud. For comparison, light beers range from 3.7 to 4.2 percent alcohol."
http://www.straightdope.com/classics/a950901.html