“Lite” is intended to be more of a Twitter-like service, in-line with the company's goal of being competitive in the “microblogging” market. It is currently on trial in India and there are plans to extend this to China and Russia down the road. The idea is to offer a simple stripped-down version of Facebook in countries where bandwidth is limited, and on mobile phones where data downloads are typically slower than broadband.
Facebook's new service coincides with their recent acquisition of FriendFeed, both of which indicate the site has gone on the offensive after a failed attempt to buy out Twitter out. Now that the two services may be directly competing, who do you feel will come out on top?