the best attributes of Light Frigates are the following:
1) they are relatively cheap, require no initial research, and no crystal at all to build.
2) they are very fast and can quickly chase down enemy units.
3) they are extremely effective against support cruisers. they are effective defenders against siege frigates. they are the second best ships at destroying carriers (Heavy Cruisers are the best at this).
the negative attributes of Light frigates are the following:
1) somewhat fragile. they don't stand up particularly well to anything. they are especially vulnerable Long Range frigates (Javelis, Assailant, Illuminator) which will wipe out large numbers of them extremely quickly.
2) short range. this means that in order to gain firing position on enemy units they will often go out of range of your supporting abilities from capital ships and cruisers. they can be isolated in enemy backlines and highly vulnerable.
3) they use the worst weapon system of their faction (lasers, lasers, and pulse guns, respectively) and thus are somewhat less likely to benefit from weapon upgrade research.