Eudora Light was once the de facto standard for mail clients, due largely to its freeware status and overwhelming popularity. No longer supported or developed by Quallcomm, the freeware Light edition lacks advanced mail filtering but retains many of the same features as Pegasus Mail and Eudora Light's commercial sibling, Eudora Pro.
The strength of Eudora Light lies in its ease of use, but the freeware version lacks far too many of the advanced features necessary to compete with Pegasus Mail and Outlook Express. For that there is the commercial release, Eudora, which has the benefit of being updated (and hence improved upon) regularly.