Of course, for being so small and lite, IE Lights is indeed limited. Of course, since it is based off IE6, it is not tabbed, but that's just the beginning. It has (1) back, (2) forward, (3) address bar, and (4) status bar. That's all. No bookmarks, no history, no menu, NOTHING. Just those four things. The right click menu looks about the same as the normal IE, meaning you can do things like Add to Favorites, Print, Save Image, etc from a right click, but there is no available menu bar.
The only two things that I can find that make me go "That's odd" are (A) the tooltip text on the back/forward buttons (some strange jumbo...), and (B) the fact that it has a large obvious bug. When you start IE Lights, it opens with a blank page. If you type in a web address, then press back, it will crash, because it apparently can't re-render the empty page.
Otherwise, it's a fun web browser. It's nice because it's sooooo light compared to other browsers, and starts up almost instantly. I don't use IE much, but if I have to use it for some reason (like Windows Update), I actually prefer IE Lights to IE6 just because it's so much faster.
IE Lights is kinda portable, but kinda not. I don't think it leaves any registry entries or anything, but then, it does require IE to work, so I'm going to say that it's not portable, but feel free to e-mail me your opinion at FreewareWire@gmail.com.
Also, I have no clue where IE Lights is originally from, but I found it on Freeware Guide, so that's where I'm going to post for the download. (It's on the bottom, right above Ijini).