Schwalbe's new for 2007 Ultremo is an all-round race tyre rather than a 'lite' tyre as such, but light it is: only the Supersonic is lighter.
Considering that the Ultremo also has decent puncture protection, courtesy of a layer of Vectran like the Conti Triathlon, that's no mean feat. Rolling performance is pretty good too. Of the tyres with a similar level of protection, only the Michelin Pro 2 Race is significantly quicker. The tyre carcass has 127tpi and the outer is not just dual but triple compound rubber - the usual grippy shoulders and more durable centre, plus a 'light rolling' base.
Like the Challenge Criterium and Conti Triathlon, it's a good choice for your road bike but probably not first choice for your time trial machine.