As Bob said, they have different roles. On the strategic side Light units don't really have advantages in MTWII.
One example of a strategic advantage would be a stack of Light Troops could move further on the map...if that was the case then you could really use the inherent advantage of light troops which is their mobility.
Tactically they are limited again as the maps are finite but I personally still take them.
Their role in battle is useful as their speed can make them a good rapid response tool.
To me the effects of skimishing are under valued and nearly lost in the medieval period.
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