For me the benefits include that going lite can be safer. Less stuff also means it's easier to find and keep track of the things that you do have (!).

Being a little closer to the edge of comfort and safety perhaps also makes a person a little more in tune with their environment, i.e., rather than trying to brute-force solve all safety and comfort issues, the lite hiker is a bit more inclined to pay attention and finesse his or her way to comfort and/or safety.