I installed the lite app on both my tablet and phone and it appears to be running much faster. The options I use are all there and whatever they took away I don't use and don't miss. The one thing it does is when you click on messages it goes to Messenger (or Messenger lite which I use) and not the internal version. When it is installed on the phone you need to be patient for a minute as it appears to download some content and may generate a message that it crashed (it didn't).
On my tablet Facebook was using 295 megs of storage space and even when not running it used 38 megs of memory. The Lite version uses 7.7 megs of storage and 4.3 megs of memory. On the phone it shows using 6.5 megs of storage and 1.7 megs of memory.
One warning, when you search for 'Facebook lite' in the play store make sure the author (below the software title) shows 'Facebook' so you get the legit version!
|Facebook Lite in Play Store|