Lite ply is, by definition, lighter than normal ply. It is easier to cut and sand, more like balsa than normal ply, but it has acoarser surface finish that would require more preparation if being used as an external surface on a model. I have used it in the past to build an entire 32" x 12" crane barge, which did sterling service for a couple of years, before I passed it on to a ham fisted oaf, who still managed to get at least three more years use out of it! This was all down to preparation and protection of the timbers. The insides of the model were coated in Cascamite, while the outsides had multiple coats of cellulose sanding sealer, followed by enamel top coats.
These days I mostly use it for internal work, bulkheads, battery trays etc. In fact over on 'Warships', I am about to use some on my Perkasa rebuild, internally, and clad in 1/32" ply for a decent surface finish. There you will note that I am using normal, denser plywood for the deck infills, rather than the lite ply. They both have their uses.