Advantages of QuickTime Lite are:
Quick and easy install
Ability to make an unattended installation
No background processes
No unwanted stuff and other nonsense
Smaller size than Apple QuickTime
It comes bundled with Media Player Classic - a freeware media player that supports both QuickTime Lite and Real Alternative.

Technical
Title : QuickTime Lite 4.1.0
Filename : QT_Lite_410.exe
File size : 17.30MB (18,136,665 bytes)
Requirements : Windows XP / 2003 / Vista / Windows7 / XP64 / Vista64 / Windows7 64
Languages : en-US

Changes In This Version
Updated QuickTime components version 7.66.71.0
- Enabled support for embedded mp4/m4a files
- Fixed configuration option at end of installation
- Now shows a warning when an incompatible version of Apple Application Support is detected