To me lite versions mean a couple of types of software, one is a standalone executable and the other is a dumbed down version of the software.
The Standalone normally does not require installation as the other needs to be installed.
Avast Free Edition is a lite version of the Professional Edition. Here is a comparison between the two.
Features overview
Anti-spyware built-in Web Shield
Anti-rootkit built-in Automatic updates
Strong self-protection Virus Chest
Antivirus kernel System integration
Simple User Interface Integrated Virus Cleaner
Resident protection Support for 64-bit Windows
P2P and IM Shields Internationalization
Network Shield
Avast Professional Edition
Features overview
Anti-spyware built-in Automatic updates
Anti-rootkit built-in PUSH updates
Strong self-protection Virus Chest
Antivirus kernel System integration
Simple User Interface Command-line scanner
Enhanced User Interface Integrated Virus Cleaner
Resident protection Support for 64-bit Windows
Script blocker Internationalization
P2P and IM Shields Network Shield
Web Shield
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