These versions were release mainly to get out of the 0.7rcX system that was not really working: installing django-autocomplete-light would install 0.7 instead of 0.7rc3 for example.
The difference with .7 are:
- in autocomplete_light: test_api_project uses django-admin-tools and django-admintools-bootstrap
- in cities_light: the double city autocomplete widget looks easier to use, and also includes a small bugfix, for cases when like the user is evil or something and just keeps selecting/unselecting countries/cities from the widget just to break it :)