I use Firefox with (non-lite) uBlock Origin, and occasionally fire up Chrome (with uBO Lite) for testing. The main issue that I run into is that uBO lite filters can't vary per-domain, so in order to rule out an ad-blocking-false-positive on something I'm developing, I have to turn it off for _all_ sites, not just localhost. (Actual false positives are rare, but needing to check is not so rare.)

I have not really had any issues with ads using uBlock Origin Lite. It's like the complainers live in an alternate reality or just listened to some influencer and never actually checked.

I do miss the rules that let me remove stuff based like CSS like selectors. The strange thing is, even though uBlock Origin Lite doesn't support that feature it's still totally possible to make an extension that does that. Maybe the specific thing uBlock Origin was doing is not possible but making an extension that follows rules and hides/deletes elements with different rules per site is still fully possible under manifest v3

In the short time I've used it I haven't noticed any appreciable difference.

I’ve found uBlock Origin Lite (and every other non-uBlock Origin blocker) to struggle with websites using Ad-Shield. (i.e. the entire website breaks.)