Wow, it's amazing how lite & fast web sites can be when they're not loaded down with images and advertisements and tracking cookies! Who would have ever imagined?
Now, what'd make this actually useful is if it either used the same pathing or auto-redirected accordingly, so I could just replace 'www' with 'lite' in a URL, since I only ever visit CNN when I'm being linked there, and visiting the normal website causes my browser to hang.
I've been using this for years and years on my Nokia E71. Back in the days, a lot of sites had a dedicated mobile page, typically reachable on on the http://m.<domain> URL.