I started out with heavy, but the last few characters have all been light armored. I just like the feel of it in game. Movement is better, sneaking is better, etc. I usually spent a few perk points to get it close to or actually reach the armor cap. The only downside is if your followers prefer heavy armor, they tend to lag way behind.
Since I can max out armor with light, I prefer light... I also envision my character as a lightweight swift fighter, not a tank. I do have a set of heavy armor I use just for leveling heavy armor and restoration, and I do enjoy the 'templar' style of play as well.
I agree... it looks so cartoony and wierd, like youre wearing bubbles or something. Not sure why so many players like it.