Usually when a cigar enthusist is using this term he really means one or the other. Whether you love Te-Amo cigars or not, it would be difficult to classify them as either light or especially smooth. But generally, mild can be understood by either light or smooth. A light cigar is simply a cigar that has little flavor. On the surface this might seem a bad thing, but think of it in terms of coffee.
Less scoops is less flavor while, of course, more scoops is more.
In the end, it is simply a matter of taste. W hen someone begins enjoying cigars, usually they begin with lighter blends and then over time, begin to gravitate towards richer blends as the mature. Most people begin with Macanudo and then may experiment with Don Diego, and then Ashton and so on. This is the best and most natural progression for the true cigar aficianado. Talk to your tobacconist about these brands when you are seeking a recommendation and you should be happier with the results.