Facebook introduced Lite version of it in its BETA version. The purpose behind beta version was people was facing problems in using facebook on slower connections.
As facebook has many things integrated in single page it was quite heavier as per loading size compared to other social networks like orkut. So Facebook Team decided to launch its light version, which won’t have all features of normal version of facebook.
It should be noted that Orkut is already having it’s light version. Right now Facebook lite is available for specially selected BETA testers. After testing they will be keeping it open for everyone.
Link for Facebook Lite is http://lite.facebook.com
You will be redirected to normal version if you are not selected as a BETA tester. There will be no application in Lite version of Facebook.