I am using Facebook since 6 to 7 years now. I was suggested to use Facebook lite by my cousin as it took less space and was very quick, it took very less time to process information.
But once I started using it, the experience was horrible. I would never suggest anyone to use the Facebook lite application ever again.
It definitely reduces the space from your storage but the graphical user interface is bot very attractive, one can call it ugly. One has to have so many clicks in order to get an operation right.
Overall my experience with Facebook lite was bad.