It's great to have a less bloated site, but it still uses the same UI which is only viable for the most basic usage. The thing I want improved the most is list viewing and management. Right now the only good way to view lists is tweetdeck which only really works on desktop.
This Twitter lite seems to ignore lists completely. I like it, but lists are a killer feature for me.
From that point, you can use the url for a specific list as your entry into "Twitter". So in some ways, the use of lists is better than the mobile app, because they are URL accessible.
On mobile, if you "save to home" screen, then that icon becomes a one click way to get to a list.