My observations:
A. Some light beer is actually pretty decent - but most of it is pretty bad in over all beer terms
B. Some regular/premium beer is absolutely disgusting
C. Most light beer goes down a lot easier when compared to regular, if you can drink more of it and at a faster rate, the slightly lower alcohol content isn't going to hinder your getting messed up.
If I'm drinking a beer to drink a beer I definitely want something good (pretty much never a light or cheap beer) - but when I do this I'm only ever drinking 1, maybe two at most.
If I'm at a party or drinking with my friends to get drunk and I'm drinking beer, then the vast majority is going to be light beer, decent light beer if I can help it (party situations usually supply the cheapest beer possible, don't really have control over that)