This is discussion archived from a time before the current discussion method was installed.
I don't know about other countries, but in the US, the term "lite" is indeed regulated by the FDA:
http://www.fda.gov/fdac/special/foodlabel/lite.html
Looney Toons: Evidently my information is out of date, then. There was a time within recent memory when it wasn't.
arromdee: How about renaming this to Lite Creme Cheez? Considering there really is such a thing as light cream cheese, this seems like an obvious choice of name.
Kilyle: I agree with the name change. It makes it a full phrase that doesn't cause you to hesitate (as I did) over meaning. In that "creme" can be noun or adjective, whereas "cheez" is generally understood to be a noun.