The program is a media player based on the famous VLC media player. The original VLC often has been criticized for its size: it includes a very large number of codecs and features that make it heavyweight. VLC-Lite media player is not devoid of drawbacks as well, since it only supports most essential formats, and you can't open local media files: only network streams can be played.
If you want to change the program settings, don't even try: there are so complicated and there is such a great number of them that you'll never master every setting and you'll probably need an online tutorial to understand how to configure it.
If you're looking for a great and easy-to-use interface, please, stay away of VLC-Lite media player: its interface is not very attractive.
Reaching a conclusion, I'd like to mention that the program seems to be a stripped-down version of VLC with less features, a not very attractive interface, and settings impossible to configure. Even if the software is free, you shouldn't try to mess with this but stick to the famous and official VLC.