I have not tried the light weight bag, but I did buy a deluxe cart bag. It is a great bag. Plenty of storage and very well thought out pocket design. I decided to get the deluxe bag because it had the extra pocket that can be used to store a rangefinder when transporting your clubs. Only negative is that it is definitely not rain resistant but I don’t suppose the light weight one is either.

I've used both while walking and riding. They both do the job. I like the deluxe a bit more because of the additional forward facing pocket. However I liked the bag handle the lightweight has on the front. It's handy for putting the bag on and off the cart. The only downside on either bag for me was when I was using a Clicgear pushcart I have noticed that the internal metal ribs of either bag will rub on the upper support arm of the Clicgear (Model 3.5+) and if left unchecked, will wear a hole through the bag. I learned my lesson on the first bag and have since put seat belt shoulder comfort pads on the upper support arms of the Clicgear. Problem solved.
In the end I like the additional pockets of the Deluxe and for that reason would lean that way.

I've got the mid-staff bag for the cart or electric pushcart, and the 4up lightweight carry bag for when I forget to charge the battery. I think they're the best of what's available for each task.

My old bag just didn't cut it any more and I too had to choose between the Light weight and Deluxe Carry Bag. I went with the Deluxe for a couple or reasons. First, I carry more "stuff" in my bag than I probably should, but every now and then, I can pull something out of my bag and amaze the guys. Band Aids, Socks, Advil, T.P., Rubber Bands etc. The insulated pocket actually works if you stick an ice pack in with your drinks. My putter (Scotty Cameron) has the JUMBO grip. The putter well has more than enough room for it and a ball retriever. Everything is facing you if you use a push cart or on the back of a driving cart. None of the golf shops carried a deluxe to look at so I had to special order it. They allowed me to order without paying. I got the Grey with lime green zippers.