I just got this phone, and watched your review. I mostly agree with what you've said; it's without a doubt an excellent phone at incredible value.
Regarding comparing it to the S3 though, the comparison isn't quite fair. Every benchmark I've seen (including my own) show it trailing it only slightly behind the S3, but the S3 is certainly a more powerful phone. It takes less oomph to push a lower definition screen, which is why the Galaxy Light can still keep up with the S3. Conversely, the S3 outperforms the Light, and does so pushing a 1280x720 screen.
In the end though, it really doesn't matter. The Galaxy Light is smooth and fast and has power to spare. And that's the key point; most phones in this price range have terrible processors, less RAM, and lag and jump and are just a PITA to use. But the Galaxy Light is a frustration-free delight to use. I've completely skinned mine with Nova launcher with a bunch of widgets, and it runs like a dream.
My previous phone had a 4.3" 960x540 AMOLED screen, and I can't really tell any difference in quality - if anything, this screen is brighter and with better color rendition. The smaller screen is a bit of a pain if I want to play a game, and obviously it's not the best for watching videos/movies (it looks nice, but it's small), but that's one sacrifice you'd have to make when considering this phone. And, again, at this price point, you can't do much better, while you can certainly do much worse.
Obviously, at this price point, you'll never get everything you want. There's no HDMI-out capability, nor do you get USB-OTG. And one thing I'd really like to have, which wouldn't have bumped the price all that much, is an LED notification light.
The only other real complaint I have about this phone isn't about the phone itself, but the lack of accessories for it. There's only a few cases available for it, and I have no idea what battery it uses so I can buy a spare (googling the part # turns up diddly). This phone should be a lot more popular than it is. The Moto G is getting all the low-price glory right now, and certainly deservedly so in many regards, but I get literally several times the DL/UP speeds with the Galaxy Light than I would with the Moto G.
I would like to point out that while the phone is intermittently available on HSN or QVC for $150, after shipping and taxes, the total price ends up being more like $172. You can find them on eBay for $170, and with faster shipping. I bought mine used for $120 shipped (ordered Tuesday, got it Thursday), and it's in immaculate condition. It's in my plans to eventually get a "real" phone, but in the meantime this Galaxy Light is an amazing device. And even after I get that "real" phone (which will undoubtedly be comparatively huge), it'll be nice to have the G-Light on hand as a back-up or for when I don't want to carry a waffle in my pocket.
