I have a 20" LW .223 and I feel it's just right.
I have a 22" Standard Hornet and it's beefy.
So far, I have only seen the .243 in the "LW" configuration but I may be missing something.
I agree with 44 Man on "short/light/handy." Have always had a preference to that format and have heard a lot of criticism about it as well. I once owned a .308 Ruger Ultra-Light M77 (Tang Safety era) and that barrel was SLIM. All the same, if I waited ten or fifteen minutes between shots, it would put three full-tilt 110 gr. Sierra HPs into a 5/8". Now, THAT's a varmint rig, in my mind. Any other 'chucks around usually hole up on me after the first shot and don't come out until whatever I am using cools off anyway.
Jeff H